*Can I Use Steel Wool with Water Based Finishes?

No, because the particles can become embedded and rust. Some alternatives are Klingspor Synthetic Wool and Meka Mirlon 1500 synthetic wool.

Steel wool is still an acceptable option for oil-based finishes. GF recommends using "oil-free" 0000 wool from Liberon because it doesn't shred as easy as hardware store brands.