Got some feedback on another site:
"This is generally said to be a pretty poor substitute for a trigger job and a bit of a gun guys' old wives tale. (It is most often rendered as putting toothpaste into a revolver's action to loosen it up.)
Problems are, you can't control where the abrasive is going, and can't control what it is cutting. So in essence you're just wearing out the gun, in a random fashion, at an accelerated rate.
Of course, there will be plenty of folks who swear it has done miracles, but it isn't something I'd do to a gun I planned to keep and use."
So, sounds like my options are to either: A) just keep using the gun as is, and dry fire it A LOT with some snap caps; or B) pay for a proper trigger job.