To polish the bolt I first sanded it totally smooth with a rough grit sandpaper....then went to a smoother sandpaper...until I finished off with 1000 grit to make it really smooth.  Next was a total polish job with Flitz polish.  Shined it up real nice 
I also polish inside the reciever.  Made a big difference in the way the gun worked!!!  alot less jams!!
I am sure the reciever could be polished....try it on an area you cant see first......