Ed,
Yes, I would have tried the sand blasting approach first if I had access to a sand blaster. However, it could have the opposite effect over time by creating even more pockets for accumulating oil and improve the cast iron on cast iron slipperiness as the sand blasted surface wears down. In a couple of my photos you can see the bottom of my tailstock has a hand scraped finish that creates a very slippery surface using the oil accumulation between the sliding surfaces. That is why hand scraped surfaces glide so smoothly. Probably periodic sand blasting may solve the points of oil accumulation issue on the locking plate but may also provide pockets for additional oil accumulation at a microscopic level and could be worst. We wouldn't know until we try the technique.
Thanks for asking, Paul

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