Pen -
I've already "spilled the beans" a couple of other times/places so....
I blue first with Birchwood Casey's Super Blue (NOT their Perma Blue) and while still wet I rub it smooth with 4/0 steel wool. I then immediately immeress the blade/fitting in straight Clorox Bleach for about 10-15 minutes fora deep etch - less time say 5 minutes for a less aggressive etch - you can always do it more if you want. Wash it in hot water and soap to kill the action (it looks like a rusted nightmare when taken from the Clorox bath). I then sand with a fine Scotchbrite pad to get it a bit bright looking - if you rub with steel wool it will stay darker - oil it and you're done.
BTW you can get a similar effect with just the bleach but it will take 4-5 hours or you can use ferric chloride - chlorine plus iron = ferric chloride. The blue/clorox though seems to give a tougher finish and in a very short time.
You can also apply this finish after the fact - a finished knife - by bluing the blade, steel wooling it, then wrapping the blade in a rag soaked in bleach and letting it sit - just make sure the cloth is pressed firmly against the steel or it will leave "bare patches". Finish up as above.
Finally use all safety precautions as you would working with any toxic chemicals.