I'm way too lazy to polish components, but I think Khatfull's work is amazing.

The first thing I do is get all the parts off the frame.
Then I get any non-OEM stickers off, but if the LBS decal is in good shape, I leave it.
Then I wash the frame with hot water and liquid dish soap, really sudsy, and then I rinse with cold water, blow out the frame and let it dry two days.
Then I get clean beige shop rags (the red bleed color) and literally rub the frame down with WD40.
It's amazing how many "defects" come off/out with WD40.
Then I wash it again with hot water and much less dish soap, basically to remove WD40 excess. Again, blow out the frame and let it dry two days.
Then I soak a clean cloth in Windex and wipe it down.
I rarely wax a frame, but I do use rubbing compound if I think it will bring oxidized paint or clear coat back to luster.
I then set it aside, because during this, I'm busy thinking about parts, build, changes, trying to find the package I want.

Components, I degrease if needed, using whatever bulk degreaser I find on sale. I don't allow it to sit.
Then, I do the liquid dish soap wash and cold water rinse, then blow water out of the nooks and crannies. 1 day to dry.
Then, I assess any repairs needed, or disassembly for further cleaning or repair. I do that if needed.
Then, I get the toothbrush out and go at it with WD40, 0000 steel wool if there's something that I think needs it.
(If I take any component apart, each piece that comes off gets cleaned before it goes back onto a clean assembly, or is assembled with other parts.)
Once I have each assembly back together, clean and dry, I use Slick 50 1-lube on every pivot point, moving part, etc.
Then I wipe the excess off and put them in ziploc bags until re-assembly.

Wheels generally get the tires/tubes removed. Tubular cement is cleaned off those types. I pull the rims strips as well.
Then, the hot water/dish soap, cold rinse, wipe dry, blow dry, and set aside.
If there is rust on the spoke nipples, I treat each one with Rustoleum Rust Remover, then re-wash and dry.
Then, I clean the entire wheel the best I can, spoke by spoke. I use 0000 steel wool and WD40, or shop rags and WD40.
It's surprising how far back you can bring 80's wheels, with stainless spokes and anodized rims, polished hubs, just by thorough cleaning.

Now, with all the parts clean; calipers, derailleurs, etc lubed, I pull out the grease.
Headset, hubs, bottom bracket, all get repacked and assembled. Headset and BB go back on the frame.
Next, for me, is the seatpost and stem/bar combo, because I have the grease out.
Then I add new rim strips and whatever tire/tube combo I've decided on, and install the cassette/freewheel and wheels.
I don't have a bike stand, so I bungee the front-rear wheel and it'll stand up and hold still for me.
I then install crankset, RD, FD. With the chain off, I eyeball the FD and RD and adjust in/out by sight.
(If using STI shifters, I allow for the "relaxing" of the cable after a shift; DT shifters and Ergos, this is generally not a factor)
Then, I generally add the calipers, run the brake cables through the levers or the STI's, mount 'em, and run the brake cables and housing.
(If using the newest STI's, it's a good idea to insert the shifter cables as well before mounting).
Then, I run the shifter cables. This is a snap with DT shifters, but can get tricky depending on the frame.
Once the shifter cables (and housing if needed) is run, I eyeball the shifting up/down the cogs and in/out on the front.
I adjust the best I can at that point, then add the chain and fine-tune everything. I ride the bike to get the fit dialed in.
Once the fit is right, I wrap the bars.

Again, I'm not a big polisher or even frame waxer. I get it as good as I can and I expect some wear and tear.
If it's in such good condition that I don't want to ride it, I move it on.
(I once sold a Pinarello because it was mint and I didn't want to see the decals start coming off).

If it's a really nice older bike, worthy of the bike shows I've been to, I may only ride it rarely.
However, if it's a really nice older bike that I intend to ride a lot, I stop worrying about wear and tear and ride the thing.
All of them will outlast me, as they've outlasted someone else already; all of them are used.