I spent many years restoring pianos and did a good deal of French polishing. I think there are a few general pointers that you might find useful. First, you do need to get the sanding done as well as you possibly can - the better the sanding, the easier the work will be. Second, don't be tempted to polish without first filling the grain or you'll wind up with a speckled finish. Plaster of Paris is traditional and cheap but you need to work quickly as it sets pretty fast. Third, read up how to make a proper rubber and practice on scraps of wood to get the hang of using it. If you make a mistake (and you almost certainly will), don't try to correct it wet, let it dry and sand it out.
As regards colour, I don't think you will be able to get a really pale finish, but you can try using 'white' polish which is the clearest grade. Looking at your picture, I think it will come out with a red cast; if it does, and you don't want it, try an intermediate coat with just a touch of green dye in the polish. This will take the red away, but at the cost of making the overall finish darker.
Good luck with it.