You can absolutely fix the play with hand tools. The trick is to clamp the bolster in a vice or C clamp with a piece of thick leather around it, and slowly apply more and more pressure. When you take it out, you'll see the pin sticking up a bit proud on one side. Use a small ball peen hammer to carefully peen it down. Repeat until satisfied. I did this to an old Camillus 33 and tightened it up significantly.
As for polishing, use a progression of wet/dry sandpaper starting around 220 to take off the surface corrosion, and work your way down to at least 1000x, 2500 would be better. Then, pull out the Flitz, Semichrome, etc. and polish. You will get it shinier with an electric buffer and something like white rouge, but the above steps will give you a really nice even matte finish, at least.
Hope that helps.
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