Cold blue is like kissing your cousin. Better than no kiss at all, but not much. Proper metal prep and degreasing will help, but it is a far different result from a good hot blue, a hot water blue or a rust blue. Later today I am taking a J frame S&W to my local smith. Needs a polish and blue- just age, handling and wear. He does a very decent polish and hot blue for a reasonable price. Birchwood Casey makes a decent cold blue- for touch ups. Have also used Blue Wonder and Vann's 44-40. Still kissing that cousin.
Several years ago I acquired a Colt 1903 with NO bluing on one side- owner had kept it in his desk drawer- and it slid every time he opened/ closed drawer. Just to see if I could, detail stripped, polished it ending with white rouge. made up my own bluing salts from lab grade ammonium nitrate and sodium hydroxide, degreased with 1,1,1 trichlor, blued- and got that deep BLACK that Colt once had as their bluing. I don't want to think the time I put in being careful to not round over edges, wallow out screw holes or damage lettering- and I do not want to do another- but it was MARVELOUS.