IMHO, a buffed finish is only as good as what you started with before buffing. otherwise all you're doing is smearing gouges and rounding their corners shiney. If your blade is properly sanded prior to buffing, it will take hardly any time to finish up. If you find yourself spending hours at the buffer, you probably should have taken the knife down to a finer finish prior.
As for draw filing, its a great way to check on your grinding skills. Vertical grind lines are great for hiding dips and valleys in the blade and tricking the eye. Once you draw file that blade, you will quickly notice those hidden dips and you will see that you need to take down the whole blade to get them flat.