It's actually very simple... This is what I have done.
1) Buy yourself some PCB Etchant Solution from Radio Shack.
2) Mix 50-50 with water, in some kind of plastic container that can handle the acid. I used an old Nalgene bottle.
3) I protect the pivot hole, detent hole and blade tang with clear nail polish. You may also want to protect the path from the detent hole to the tang. This is where the detent ball contacts the metal and if it isn't smooth your knife won't be smooth. You can also protect the edge if you don't want to resharpen afterwards.
4) Dip the knife in the solution (I use metal wire and hang the blade in the solution from the pivot hole) for about 45 minutes to an hour.
5) Wash the blade with soap and water. Dry thoroughly. Clean off nail polish with nail polish remover. Oil the blade.
I think that is it... Feel free to correct me on my procedure. There is always a better way to do something.
Erik