It can certainly help top while away a last Saturday afternoon, Ed. You should try it on an older looking razor, you can get some nice effects happening. I like some razors to LOOK old, not be 'tarted up' and made all shiny...
PS, I have a very nice old key to my back room that I found that's got really nice patination; a going over with a sander (very lightly; to take off he orange rust) and a soaking in olive oil did wonders...