In my experience, the single most important factor in a cold blue job is the type of steel, and you can't do a thing about that. Mild steel, such as used in many .22 barrels and shotgun barrels, can sometimes take a cold blue job so good you can hardly tell it from factory hot bluing. Other steels (and not necessarily stainless, either) will hardly take the stuff at all--or, if they do, will only get some shade of gray, and if you're lucky, it will be pretty uniform.
I've had good results with Brownell's Oxpho Blue and Numrich 44-40 formula. Good but not as good results with some of the Birchwood Casey stuff.
Oddly enough, I got a real nice cold blue job on a WWII Walther-made (not all of them were) P.38 frame, which I wasn't expecting at all because the metal was VERY hard, about the complete opposite of a .22 or shotgun barrel. So you just never know what's gonna happen until you try it. My advice is don't expect too much and you might get a pleasant surprise. :wink: