This link will get you to the right part of the catalogue
http://www.mscdirect.com/product/51032704?fromRR=Y
I'd use a fairly soft polishing stone.By soft,I mean the bond is relatively soft.The stone will break down and conform to the contour of the steel.
For a gunsmith who has to make money/save time,a file cuts faster.I realize it is a comment on my lack of skill,but I have a talent for having a file retain a chip and cut a furrow in my work.File card,chalk,etc...yes,I know.I have come to trust stones.
The 1/4 by 1/2 by 6 in size will be good,and if you aren't in a big hurry,a 320 and a 600 grit will do fine.A 240 grit would speed initial progress,just realize at some point you will be stoning out the 240 grit lines.
Kerosene,or fuel oil,or diesel will work as lube,Kroil would be ok.
I would not focus on just the numbers,I'd do that panel of the side of the receiver ring.I'd start working top to bottom with my strokes,,then lengthwise.Change ends on the stone when you change directions.You will want one end of the stone to break down for up/down,and the other for lengthwise.Be very careful of the contour lines/edges don't round them.Work up to them,but do not run over them.
Watch your grit lines,that is the cutting action.When you have uniformly worked that section up/down,and begin to see change in the engraving,change to lengthwise.Stone crossing the old grit lines,evenly polishing them out.I'd finish the 320 with a lengthwise stroke.
You have a whole surface with low spots in it,the engraving.You have to stone the surface down ,lowering it to the bottom of the engraving.A stone will bridge across the engraving,so it won't cut the engraving deeper.
When the engraving disappears,change to 600 grit,working up/down to cross the 320 lines,till you evenly see them disappear.
Then stroke lengthwise,crossing the lines,.Do it again,if you have to,to finish getting the 320 lines out.
Once that is done,I'd use a maroon scotchbrite hand pad to blend the surface finish/texture so the receiver had a uniform look
http://www.mscdirect.com/product/03356540?fromRR=Y
For what its worth,I have a fair amout of experience stoning and polishing edm finish mold cavities to fine,even mirror,finish.
FWIW,Brownells or Midway sold a liquid product in a paint type can of a glue/grit mix,aluminum oxide,I think,creamy liquid consistency.Very uniform grit,no rocks.A coat lays on pretty thick.Its great stuff for gun polishing!
I make tools of hard maple,then dip them and hang to dry.Try a can of 240 or 320,those who do this stuff.See what you think.
http://www.midwayusa.com/product/191836/formax-liquid-abrasive-sandpaper-240-grit-1-quart