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Gunsmithing Bolt Sandblasting

Anyone with an air compressor, abrasive, and a blasting gun. Check local shops (machine shops, autobody, etc.).

I'd suggest having it bead blasted (walnut media would probably work, too) vs. sand or coarse grit aluminum oxide. Less aggressive surface pitting, less likely to rust as fast, smoother, etc...
 
Is it possible that the action was clearanced for a coated bolt and that by removing the coating you could be increasing the tolerances and cause bolt slop?

Doubtful that the action was clearanced. Perhaps the bolt, but depending on what action it is, that is doubtful, also.

Regardless it's insignificant. The wear points wear in and the Ckote is stripped where parts make contact anyway. The Ckote that remains is that which never makes contact with the receiver during normal cycling/use, so it doesn't matter if it's there or not. Typically actions aren't clearanced unless they need to be because they're already too tight, and should be clearanced at most so there's .005-.010" difference between bolt body and receiver bore (bare metal, before Ckote). If you look at a standard M700 you're likely to find more slop than that. If you look at a M5 Mausingfield you'll find about .010-.015" slop for most of the body with a taper at the end that tighten things up a little bit... At any rate unless you're doing BR level stuff (and even then....I have my doubts), you're going to have a hard time quantifying the accuracy improvement related to a tight bolt/bore fit. What you're much more likely to notice is the negative relation with function in any kind of adverse conditions; dust, dirt, etc..