Well, I didn't actually polish and wax the stained wood, I polished and waxed the polyurethane. When I was finished with the poly, it looked glazed over and plasticy. The look of the poly interfered with the look of the wood, in my opinion. Also, the poly didn't appear 100% even, being a little more glossy in some areas than others. Maybe I applied it wrong, but that's the way it was.
I discovered the steel wool and wax method by searching on google for ways to finish poly. Some people also say to sand down the poly with 1000 or 2000 grit sandpaper, but it wasn't necessary for me.
I sanded the poly with the steel wool until the appearance of the poly was totally uniform. When I wiped up the steel wool shavings and poly dust with a damp cloth, tack cloth, and then mineral spirits, the finish looked matte. The I simply waxed the poly with a motorcycle wax I had laying around called S100. It is one of the best carnauba waxes out there.
The result is that the wood really comes through now with no interference from the poly. It just looks like very nice, oiled and shiny wood, with the benefit of the protection of poly and the wax (water resistance).
Here are a few photos! I installed new hinges and knobs, too.
That little strip of molding on the canopy is hiding the seam where I extended it. It was only about 6" high before, now I have about a foot of clearance for my lights.
Just for a comparison, here is what the stand looked like initially. You can see how much molding I added, I think it really makes the stand look more elegant!