Polishing all types of metal with steel media is an established procedure for many industries. As the price of steel increases (especially stainless grades), many companies are looking at barrel and vibratory tumbling with carbon steel instead of stainless. The BIG disadvantage of carbon steel is rust. Of course, the big ADVANTAGE is cost.
Keeping carbon steel clean and corrosion-free is critical to getting an acceptable surface finish on the parts. Using the proper chemical compounds is the answer to this problem. Even though acid compounds will return the rusted steel to near original condition, this should be avoided as this can actually make rusting problems worse.
Steel media should first be restored with a cleaner (like Kramco 750) containing sequestrants, detergents and be pH buffered to remove the corrosion and prevent flash rusting. The second step is to treat the shot with a rust inhibitor that will both prevent rust formation and not contaminate the parts {like oil based rust inhibitors}. Simply tumbling the steel media with a non-durable rust inhibitor (like Kramco 510) for a few minutes, draining the solution and then letting it air dry will keep the shot clean and bright even during longer term storage.