No. Like Ice says, it is pointless to go past 400 grit for rust bluing as it will etch the metal to about this point anyway. And on a cold blue a fine polish will give your finish nothing to hold to. The point of bluing is it creates microscopic pits, so small that they absorb light and look blue/black. These pits also hold oil and protect the gun. A high polish is going to get you nowhere in either case.
If your shooter is savagely beaten, mismatched, and has no finish and you can not oil it regularly then a cold finish is better than nothing. Rust bluing is approximating what is original and only takes 4-6 evenings (after you figured out how to do it on something else).
Oiling it regularly is better than a cold finish or re-rust bluing, and is also the easiest cheapest course of action.
Please don't polish it, It looks cheesy, destroys any collector value. Think of it this way, if you had a classic Ferrari that was a little rough around the edges, you wouldn't spray paint flames on it. Even though it may seem cool at the time, it is not the right thing to do.
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