Re: U.S Revolver Co. 32 caliber 5 cartridge revolver
Yes, sanding will remove the rust and the finish as well if you want to strip it. I would say try about 2 or 3 hundred grit to strip it and finish it off with maybe 400. Different brands and paper type will differ in the same grit so experiment. You may need to go heavier to strip but then you don't want to make more work by leaving to heavy of sand lines.
Dura Coat is actually a very hard durable paint that comes with a hardener you mix and apply with an airbrush. It comes in many colors and also a premixed aerosol for those that don't want to use an airbrush. It's a great alternative to bluing and can be applied to metals, wood or plastic grips/stocks, polymer, just about anything. you can look it up online if it sounds interesting. I'll throw in a pic or two here of some pieces I've used it on just for an example.
Whatever you go with, use a good cleaner to remove any conaminants prior to finishing. Don't even touch the metal with your fingers once it's cleaned, especialy if bluing it.