I used this method with a Meteor that needed cosmetic surgery and it worked very well. It did take a few attempts though as if you are too rushed you can end up removing the paint from the grooves as you clean the area. I think the nature of the rag you use also affects the results.
I seem to remember there was recently a post on here about doing just this sort of job and someone suggested using wax crayon as well.
Cheers, Phil