I think the main advantage of using mustard is it's viscosity, it will stay where you put it. The vinegar in the mustard is what does most of the "work". I had very good success on a CS Master Hunter using small dabs and plenty of them, not too thick of a dab either, as others said. I left space between each dab, let the mustard stink and dry for an hour, then washed it off and did the same thing. This time I put the dabs where they weren't the first time. Did this a total of 3 times. The spots will be dark grey around the edges, and almost normal-looking in the centers, with subtle other colors in there too. It kinda/sorta looks like damascus that way. Just for grins I treated it with regular Casey cold-blue after it was all done and cleaned up. I think it looks cool, reminds me of a case-hardened gun this way, mostly blue/black with subtle oranges and purples underneath.
If you want a smooth, even, black finish, just let the blade rest in a glass of vinger or lemon juice. There's a zillion threads on this topic around here.