I'll take a quick stab at this. Normal blueing is really just a kind of controlled "rust". Read "stainless" as "rust resistent". The blade of the 124 is stainless and I don't think blueing would take, at least not anything you could do at home. I do recall some of the Buckmasters were done in a black oxide and I believe they are stainless so there must be some process but I don't think what I consider to be normal gun blueing would take. Also, any coating applied to blades would be done before the handle is installed. I don't think a hot salt bath would be good for the micarta either. The hilt and butt of the "old" 124's were stainless. I don't know about the new ones but if they are not stainless they are aluminum.
If I were going to try it, I'd first buy a cheap knife with a 420HC blade, a Vantage Select perhaps as the blades in them are easy to take out. Give it a try and if it doesn't work or turns out badly, no big loss.
its nearly impossible to blue a stainless steel,gun barrels are very easy to do ,but they are a carbon steel,most stainless barrels have a finish applied if they are coated.
I've blued about a half dozen knives with the Birchwood Casey cold blue, but they were 1084 or 1095. Never tried anything stainless, never thought it worked.
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