Where did that information about S&W using a proprietary Victory phosphate finish come from? I have never seen anything authoritative even suggesting that. So far as I know, Black Magic was in use for the duration. Maybe that is incorrect, but if so I would like to see some evidence. Some years ago, there was an article in the Journal about the wartime revolver finish. I no longer have it, but I do not remember it mentioning a proprietary phosphate finish. At one time, I believed that there may possibly have been such a thing, but that belief is so far unsubstantiated.
Hot dip oxide blue finishes caught on among most US gun manufacturers in the later 1930s, but S&W stuck with the Carbonia process until the necessity of greatly increasing the production rate forced manufacturing changes after Pearl Harbor.
In Ned Schwing's book, "Winchester Slide Action .22 Rifles," he devotes a fair amount of space to discussing the development of hot dip oxide steel bluing during that period, and its adoption by Winchester in the late 1930s. You are unlikely to find a copy, as it is out of print, and prices for originals are not cheap.