As with a few others, I also have polished the swing arm. Looks great and easy to keep clean. Used a finish sander to remove old paint and continued on using finer paper. Finished with super-fine by hand and then steel wool. I only did the outside because that's all that really shows. This was much, much easier than the forks. I didn't spray it with anything so I can hit it again anytime to remove small scratches, etc. For pics, click on "My Gallery" below.
Do it when you have the swing arm (or forks) off anyway, like packing bearings! Or new springs! etc.!! ;) ;)
Go for it....... :)