Yes the cutting compound will work and as you and qmsdc15 commented, the major stains will stay on, no worries.
@javal...The Vigore Bike Shop is a third generation frame builder. Previous to frames, the family made Katana.

Today I was able to swap the bottle holders (got plenty already) for Welgo Magnesium pedals.

BTW, along with the bike we scored these, plus a nike wind cheater, summer and winter bib and braces.