You'd have to do a lot more than "polishing" to cause problems. Polishing compound like Flitz isn't going to remove more than .0001".
In reference to polishing mild steel, VarmintAl says "There is no detectable decrease in the diameter on either end measured with my high-precision Mitutoyo Micrometer." after 2 minutes polishing at 500 rpm using Flitz...
http://www.varmintal.com/arelo.htm
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