Yes, I have used it (AlumaHyde II) on a stainless barrel. I used 600 grit sand paper first on the barrel, rough steel wool will work OK as well I'd guess. Pretty much follow the directions:
Lay the barreled action in the sun for 20 minutes, or an oven for 5....apply brake cleaner spray, , wipe off with paper towel (and wear rubber gloves at ALL times to avoid leaving finger salts), then spar a second time, hang the part, paint, 2nd coat Light) in 10-15 minutes, its dry in aan hour or so but I let it cure for 1 week hanging in a 90 deg. garage (summer time)
This stuff works great and is not much $...!