I've made mirror polished ATS-34, 440-C, O1, crewear, D2. Yes it adds a whole lot of time. And yes, the stainless' don't rust. The others do.
You got it, alot of sanding by hand, going down to finer grits. then polishing can be done with a buffing wheel on a grinder. You have to use good grades of compound, not stuff from SEARS, that doesn't say grit. On ATS the Green Has to be used first, white {1400 grit} does good for finishing.
Note: This is the DANGEROUS part!!!! You must hold the blade in a way so the buffing wheel will not hit a top edge on it. IT WILL SNATCH the blade right out of your hand, and send it flying at high speeds.
Also note: This buffing heats the blade up right quick! you must keep it dipped in water, or you'll take the temper out of the blade.
There are a few more things that you need to remember while doing this also. Keep the buffing wheel clean, keep the water clean, or you could have to go back to sand paper and start over.