If you are wanting to remove the bluing, as mentioned above, there are better and much faster options than flitz. The difficulty in hot bluing is not so much the process in removing the bluing but the proper polishing and buffing after finish removal to prepare for rebluing. For the amateur, parkerizing, painting, or even rust bluing is a bit easier on prep work than for hot bluing. If you really want the old Model Ten to shine, I believe that S&W does rebluing and does it right. I know that Ruger still does so as they reblued a battered 1976 Security Six model for my FIL and it looks stunning.
Last week, I saw a Victory Model Smith that had been hot reblued, however the S&W logo was smeared as was some of the other lettering, it showed pits under the bluing etc. I suspect that it was done by someone who knew hot to hot blue but not how to properly prepare a surface.
The Victory Lend Lease in .38-200 next to it still had its honest original Parkerizing and looked much better. One of the reasons that Pythons (or other Colt revolvers) or old Smith's bring so much is you are buying the polishing expertise of people who spent years at learning their craft and it shows in the finish.
Flitz, more or less, is a mildly abrasive polish that can remove the finish unevenly with considerable pressure. Mizar is correct that it will thin the bluing finish using polishing techniques but with a light touch, it is probably ok for occasional prettying up something for presentation or sale on a garden variety firearm. Something like a blued Python or an old fire blued pistol, no way. Non-abrasive cloths should be used on these objects of fine art only for debris removal and cleaning.