Stanley,
Welcome to the Creek and I am glad you put your toe in the water.
Since the bluing could be used on the side of old planes it seems it would be OK here. We often discuss rust removal and making or repairing old parts for our tools, so it wouldn't be that you were crossing a line that has been blurred many times.
In fact, if you look in the Neanderthal wisdom/FAQs there are a couple of posts that go into bluing.
I know I would be interested. It is only my opinion, but it seems planes look better with a patina on the sides than fresh scratches from being lapped.
jim
"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
- Sir Winston Churchill (1874-1965)