there were a lot of good ideas expressed...
The real secret of cleaning a shaft and keeping it clean with minimal work is to fill any tiny pores in the shaft wood!!
I do not know how technical we want to get here, but wood has by its very nature tiny, almost microscopic grooves running the length of a shaft. We refer to that as grain. When I am paid to recondition a shaft, I first have to clean it, this exposes the grain, though the grooves are so small that the eye may not see them. If I am doing my job I need to fill these grooves to bring the surface up to the curvature of the shaft. I also raise any small dents that one gets from accidents. Then I use a cabinet grade grain filler that dries crystal clear and protects the shaft from chalk dust re-entering and filling the grooves! I use 1200 grit paper to smooth and level to that curve. I am assuming we will spin the shaft in a lathe to do a pro quality job. And I know we do not all have one, but it is easy to rig one up, and there are quite inexpensive ones at Grizzly and harbor freight. Sanding without the benefit of spinning will surely result in small lumps and valleys! Then I polish with a simple paper towel, dry. Now a good grade of wax is sparingly applied over the length of the shaft and it is buffed and burnished with a dry paper towel, Finally I burnish with a thick leather piece being careful not to burn or discolor the wood. The result is a surface that appears almost surreal. It has depth like modern car finishes that have a clearcoat sprayed as a final coat. The surface is smooth between ones fingers and requires only a wipe with a bare clean towel to stay perfect, and an occasional tiny dab of wax to maintain. Well guys if you are going to do a job right, then be prepared to put in the effort. It sounds like a lot but after the shaft is clean, it takes ten min if one takes their time to do all I described after the dents are raised.
The ferrule? If I can clean it with a magic sponge or if I have to sand it, I then finish the surface in the lathe by polishing with a small buffing wheel in an electric drill spinning opposite the cue shaft rotation and very fine white polishing compound until it glistens, then a very tiny bit of wax to keep it shiney for the customer!
Wow we just added five more minutes to the job to do it right. I know there are some other repairmen out there with their own tricks, these usually work super for me, as theirs do well for them...good luck!