I flute my bolsters with chainsaw files, with the immense help of a file guide. The guide will provide a shoulder for the file to ride on.
I start on the edges to the required depth, and then connect the two notches. Depending on the width of your file you set the distance of the guide in order to control where the center of the file will track. Clean/unclog the file often and finishing will be a breeze. If you are right hand try not to leverage upon the file guide, pulling with the left hand is better than pushing with the right for keeping the file flat on the guide during the stroke.
You'll finish with a slightly smaller file/rod wrapped in 500g, 1000g, 2000g and then a string of cotton dirty in polishing compound...shoeshine way.
The thread will have colour if you don't clean the quench oil stains or you could color with scrimshaw ink.