The Turtel Wax polishng compound is really meant to be used on paint, not to polish aluminum.....but it probably won't hurt anything.  The fork tubes and engine cases have a clear coat on them, and the polishing compound may clean up the clear coat a bit - but it will not do much to any aluminum that has corroded.

The aluminium surfaces on the Savage are clear coated, and unfortunatly it is not very durable.  The clear coat gets cracks and allows water to get underneath, and then the aluminum turns white and then black as it corrodes.

Post a pictures and we can make a better recommendtion of what you should do next.