The palm sander might be a little too aggressive, unless you want to remove the finish. You can do that but you'll need to replace it with something else since you don't want bare wood on the neck (esp mahogany). If you want to keep the finish that's there and just smooth it out to a nice satin, I'd do a light touch with the steel wool (make sure it's 0000), but I'm working on poly which is pretty thick. If you've got nitro, it might be smart to use the scrubbies first and see what happens. You can always get more aggressive if you're not showing results, but once you go thru the finish you're committed to a much bigger job.
Oh and by the way, never take any advice from me... I'm just figuring this out as I go. Most of my woodworking/finishing experience is with furniture. :lol: