Mother's mag wheel polish works great on Bakelite and other molded or cast phenolics. Bakelite the material is a pressure molded thermoset that was often supplied as a powder containing partly reacted phenol formaldehyde resin and a filler, and often a colorant. The filler is usually talc or wood flour but there might be other materials in there. No matter because the polish does not release anything into the air as it is a thick paste. Hand apply the Mother's paste and work an area with some elbow grease and then wipe it dry. Use a cloth and not a paper towel if you can. You can really make old Bakelite shine like new with it.
Do not apply 401 or other aggressive detergents as this can produce an undesirable matte finish.