did once have to do a polish up job on an SV1000 clutch slave cylinder. When the seals started leaking, I got a seal kit but found corrosion on the inside where moisture had been collecting. Used some very fine wet and dry to get rid, then a polish with solvol. Worked great and no leaks. Saved me the cost of replacing the whole unit.
But...as mentioned above.... if it was more than light surface corrosion, and pitting was present...then I doubt it would work. The pits would let fluid leak past, and tear up the seals. If you remove too much material, the seals will not press against the bore with enough force either, and you risk total failure. When it comes to brakes....thats not a good thing.
