If you are just talking about rubbing polish on it, then I agree with fiveforty. You can take a paint shield (or a piece of cardboard) if you are afriad to get the polish on your paint.
But if you are talking about refinishing the molding, a friend of mine just took his off to be professionally redone. He said to be very careful of the ends and any points where it joins together, in order to not mess up the fit. Also, don't use pliers with rough edges and scratch the molding. Make sure the molding doesn't get too bent out of its original shape, or you might put a crimp in it. He also found some wax and dirt buildup under the molding, which he compounded off.
Take your time... and good luck