Wow I didn't expect to start such a thread!
I take no offence, I should mention, from those people posting contrary ideas to mine. I know what works for me, and I have had nothing but success with my dremel and flapwheel. I'm embarrassed that there seems to be such a resounding negativity towards my process though...
Thanks for all the input guys. My only other word on the subject would be to encourage people to try using a dremel at least once. I started with a higher grit flapwheel, but moved to the 120 after I got a feel for it. Figure out what works best for you, or just get a wheel if you have the space. To me, it beats hand sanding all the pitting out of the blade.
Attachment 92894
(Just demonstrating my point. Just telling all the dremel denouncers that with practice, you can get a mirror finish with a free hand and a flapwheel.)