4 speed ka-booom !

NO and yes. This is done on a lathe.With fresh cloth. Drawn over a stiff,hard,smooth, iron bar,such as a lathe-file. The cloth covered file is held in two hands, and passed over the cone, in a sweeping motion. It starts off with a light touch, to stabilize the file on the cone, with ever increasing pressure,then a pressure reduction as the file is lifted off the cone. I do it with the cone spinning into the file, at a pretty good speed.(no idea as to the speed, perhaps about 500rpm) I usually give it two or three light swipes. If the speed is too high, the file will tend to bounce. If the speed is too slow, or the pressure is too high, you may create ruts for the brass to grab onto,way too hard. All you want to do is take the shine off. There is no need to rub off more material than necessary.
BUT
What I do is bias the polish, by changing the direction of the lathe depending which gear I'm working on, and I run the cloth-covered file off the edge of the cone as I'm sweeping it. This puts a "screw" on the cone. If you do it in the right direction, and to just the right degree, the brass ring will lock hard onto that cone in the upshift direction,for a quick upshift, while sacrificing some lock and speed during the downshift.This requires a bit of skill and timing, and the result does not last forever. But for a few thousand miles it's pretty cool.
Do not do it on 1st, as it will lock on much too quickly, and cause engagement issues when stopped.If anything, you could bias the polish for downshifting, especially if you are running a 3.09low/direct 4th box.
This works best on wide tranny ratios where the %rpm drops are large, or at high rpm shifting, when again the rpm differences when outshifting is great. If you are using the 2.47 box and/or redlining at 6000 rpm, There is little to be gained(although still noticeable). But for a guy with a 3.09-O/D box, or a guy with a 2.66 box and shifting at 7200(pick me!), it will be quite noticeable. And, of course, on the bench you will be impressed. If you are not impressed, you haven't done it right, or the ring is crap; try it on a different cone.
Yeah,that's what I do.Among other things. I outlined some details for another member here; 340jimmy. I think it was public. Do a search.
Happy shifting!