The only time i would use or recommend cold "blue" is never.
You do not need to hot/caustic blue it either. If you have the time a "slow rust" or "accelerated rust" bluing process will turn up the best result IMO.
I have a digital copy of Angier's "firearm bluing and browning" somewhere on PC, I'll try and upload it later, it has all the caustic recipes. But as I say I think a rust blue will do a smart job. I would also suggest if you're playing with caustic that you try first on a few different metal scraps or offcuts or go and fetch some second hand tools to try first.
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