Going back to the OP though, I've bought plenty of unloved basses over the years, which I've renovated (and rewired if necessary), levelled, cleaned and polished/oiled/waxed. For me, unless the frets are really in a bad state with very noticeable string grooves - in which case the neck usually needs refretting anyhow - I've found that the following combination is almost always sufficient to get the frets back to A1 condition: medium grit fret rubber, fine grit fret rubber, 0000 steel wool, and a Dremel with a buffing wheel, plus just a tiny dab of polishing compound.
I also avoid having to mask up the fingerboard as much as possible: I find that so long as I'm careful with the rubbers/steel wool/buffer, I don't damage or soil the fingerboard. And as a last step, I clean both the fingerboard and the frets with mineral oil after I'm done - this will get rid of any fine debris that may have been left by the fret work.
(On the subject of mineral oil: I long ago switched out of lemon oil and into a light, food-grade mineral oil. It's a highly-refined short-chain-molecule oil which a) works at least as well as lemon oil, and b) costs a phenomenal amount less on a volume-volume basis)