I am sorry to say but IMHO it is a ruined blade. There are many deep caverns on the blade and no polishing will get rid of them without irreparably changing the geometry of the blade and without getting rid of its tempered "shell".
Nihonto is beautiful but intolerant: the blade is either perfect or worthless. Standards of polishing are incredibly high and the cost of professional polishing is mind boggling. The " do it yourself" approach is likely to remove any residual value of the blade. Professional Japanese polishers have waiting lists measured in years and I have heard of some charging hundreds of dollars for each linear inch.
This is why I stay away from Nihonto. Patina on an Indian or Arabic sword can be described as "beautiful" and advised not to be touched; nicks on the edge are " kisses of time". But the same features on a Koto or Shinto blade will make Japanese connoisseurs run for the hills.
Not my cup of ( green) tea:-)
P.S. I am an incredibly slow typist, and by the time I pushed the "post" button Roland had already beat me to it:-) We are in complete agreement, unfortunately.....
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