Does anyone bother to refinish USGI magazines?

Dry Film lube is what you're looking for. Disassemble the magazines then spray the bodies.

 

I don't, but I live in a state with no mag restrictions.   If you do it, use this stuff:


http://m.skygeek.com/everlube-perm-silk-g-air-dry-mos2-solid-film-lubricant

Pricey stuff.

Is it just a cosmetic thing or is there a functional reason for refinishing aluminum mags?

Reason I ask is that I've never done so; even some ones that I've had more than 30 years and look largely like bare aluminum now, still work fine. But I've recently considered refinishing some strictly to make them a different color for using in a .300BK I recently picked up. My thought was simply a good semi-strip/cleaning and a good spray paint on the lower half of it; simply for quick & easy caliber differentiation.

dupe thread