A lot of shooters have found out that a coat of paint is a lot tougher and more durable than you'd think.
All that's necessary is to THOROUGHLY degrease the barrel. I use lacquer thinner, (OUTSIDE, away from any spark or flame). Wash the barrel down well with the thinner and an old toothbrush.
You don't need to remove any old bluing, nor do you need to roughen up the metal. Any rust can be removed with fine sandpaper, but other than degreasing, that's all that's needed.
Put a Wood dowel in the barrel to use as a handle and rinse once or twice, with clean thinner.
Don't touch the metal from this point on.
Allow to dry completely, making sure no solvent is left in any cracks or joints.
Get a can of Rustoleum brand oil-based paint, in your choice of color. Flat black looks good, but handling leaves slightly shiny areas. Gloss black is too shiny, so I use satin black.
Spray on as thick a coat as possible, without allowing runs or sags.
I "fog" on a coat, allow to set up for 5 minutes or so and fog on more, until I've go a good heavy coat.
Allow the paint to set up for about 30 minutes, then bake in your electric oven at 325 degrees for an hour.
I put supports of some kind in the oven to hold the part to prevent it from touching the oven and marring the finish.
After one hour, turn the oven off, open the door and allow it to cool to room temp, then remove the barrel and spray on a coat of rust proofing lube.
You can buy special lacquer type paint coatings from Brownell's that are even more durable.
Paint is very long lasting, and in order for the metal to rust, the paint must wear through first. VERY durable, easy to apply, easy to refinish, and available in about any color.
One word of warning: Do this when no females are present. The fumes from the oven really smell up the house, and women have NO sense of humor about these things.