The red handle had become misshapen too over the years. Heat, and with the quality of plastics they had back then - they do not survive well. It was necessary to reshape the handle by sanding it. Through several successive ever-finer grits, I got the shine to come back up. Finally then, polished with Maas metal polish. This handle was not Bakelite - but I love working with Bakelite. You can get it to come right back to it's original shine. Catalin too.
I might add, the Aluminum nameplate/mixing guide - I polished that as well. You can do it if you are quick, and use a product with less-powerful solvents. If you work it too long, you risk dissolving the paint. It worked well this time, and the aluminum came back quite shiny.