Never heard of such for use directly on wood, any form of 'paste' would just soak into the grain and contaminate it.
I have and do occasionally use burnishing cream on sealed and lacquered wood to increase the shine level and remove any very fine blemishes, but it is used with a soft cloth not abrasives.
My use of burnishing cream is mainly limited to pen barrels needing careful access or acrylics these days as buffing mops have taken over the bulk of my finishing tasks.
As simon mentions, finishing Oils can be used with very fine abrasives on some pieces, this forms a 'paste' or sludge as you work which can be used to advantage to fill open pores in the wood but I would class that as using a fine abrasive to apply the oil rather than using the oil to work with the abrasive.