I'd stay away from the sandpaper as a solution -- too agressive, and much more so than a polishing-type compound. To figure out what you're up against on a stain/deposit like that, I usually start by breaking off the wood shaft of the head cleaning swab, and scrub with the broken wood end. Not nearly hard enough to damage the head, but it will at least make a dent in most any debris that winds up on a head. Oxide build-up for sure, plus other residue from tapes, like lubricant, mold, etc. Even rust will come off in small amounts.
Dry abrasives and metal scrapers should not be considered for this task, however.