So I decided to post an update. (I hate unconclusive threads.)
I had read a variety of threads a couple of weeks ago, and I went about de-polishing my 686+. I went with the Scotch Brite pad method, partly because I like working with my hands and partly because I'm rather cheap. Heh.
This is the result:
The picture quality is not great, but the gun now has a semi-lustrous brushed finish. (You can best see the lines in the area around the cylinder release.)
If you want to duplicate what I did, I recommend the 7447 maroon-colored Scotch Brite pads. I got mine at the local auto store.
The best way to get a nice brushed finish is to have unidirectional lines. So cut your pad into narrow strips so your lines stay straight (too wide and you get unintentional brushing). Apply gentle, even pressure with plenty of lubricant. Clean off the gun once and awhile to evaluate.
If you mess up, do not worry, you can brush out bad lines. Just try to keep everything going in the same direction.
When you are done, be sure to get some canned or compressed air and thoroughly blow out the crevices so that you don't have abrasives in your gun. Then coat the gun in your protectant of choice; I used Slip 2000, the film keeps very well.
Oh, and in case you're curious, the gun is a 686-12 w/ plugged internal lock, XS Big Dot, Wolff Type 2 mainspring w/ custom strain screw, Apex Tactical extended firing pin (XP Ignition), Smith and Wesson service grips. I've been meaning to get some T-Grips, but the recent tornadoes have disrupted the manufacturer's business. =(