Originally Posted by David 110
As noted in the previous post, polishing with 120 grit will not remove much material, certainly not enough to increase play from the clamps original condition. The other control factor as noted above, is to polish/test, clean, then polish/test again until the fit is OK.
120 grit is pretty rough. Even 400 grit wet sand for rust would be plenty. Regardless of shaft slop, it's just going to lead to very uneven surface finish. If oxidation (rust) is an issue, keeping the surface smoother is going to be better.