This product is used to restore faded bakelite knobs, switches, etc for auto restoration.
https://www.pensburymanor.com/product-page/great-knobs
I bought a bottle but never used it. People who have stated after a couple coats it works great.
When I restored my '53 MG TF I restored the bakelite with a buffing wheel. The surface was smooth so there was no fear of removing any engraving or checking like on a Parker grip cap. It took some time standing at the buffing wheel using the the white rouge for the first step to remove the oxidation and finish up with a nice shine on the flannel buffing wheel using the blue rouge.
I filled in the letters and numbers with Duplicator GM Bright white, let dry, and buffed with a Magic Eraser to the letters / numbers filled in. Once that was done, a quick buff on the flannel wheel to remove the fine scratches from the Magic Eraser.
The first picture shows switch knobs and gear shifter done after buffing. The oxidized accelerator pedal wheel before buffing for comparison.