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It won't exactly damage the barrel itself, but it will remove the finish and that will, as pointed out, make it more likely to rust.
You could always get it refinished later if you didn't like the effect and you'd be back to square one but out the time it took to polish the finish off and the money it cost to refinish it.
If you like the metallic look, you could send the barrel off to be plated with either chrome, electroless nickel, NP3, or something similar. That would give your barrel a stainless/bare steel look without sacrificing corrosion resistance.
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