Wow...guys that do hot bluing for a living say you should never, ever, use cold blue. I'm shocked!
You'll get the best-looking and most durable results from hot bluing. Your neighborhood 'smith may charge a fairly steep price (or, if you live in CA, where thanks to environmental regs your neighborhood 'smith may not do it at all), so the most economical alternative is to prep the metal and ship it out to somebody who specializes in bluing.
But Brownell's Oxpho-Blue can do a pretty decent job, if you're willing to really work at it. The biggest secret is heat: use a hair dryer or heat gun to heat the part up until you can just barely stand to hold it, then start wiping on the blue. I like the creme instead of the liquid. You'll want to keep rubbing it into the part until the color is dark and uniform, let it stand for a while, and then wipe off the excess. f you get color that's too light or too uneven, strip it off with naval jelly and start over.
Prepping the surface beforehand with naval jelly and then Dawn dishwashing liquid will help you get a good color. Just dry the part very thoroughly and blue it immediately, because rust will start very quickly.
I did an old rifle this way, one part at a time. I had more time than cash back then, so cold-bluing was my only option. It's not gorgeous, but it's held up fairly well so far. An expert might notice some unevenness under close inspection, but nobody comes up to me at the range and says "Hey, did you cold-blue that rifle?"
As for corrosion resistance, I had a carbon-steel Wilson case gauge that kept rusting, even if a film of oil was kept on it. So I blued it with some leftover Oxpho-Blue a few years ago, and it hasn't rusted since.