It will be hit or miss. I've tried polishing out the pits/gouges of hub and cone bearing races using various tools and abrasives, and it sometimes seems to work, but only with small/superficial roughness. Problem is that the races were ground on machine tools to an exact geometry and you'd need the same tooling to grind the races back to spec. I've encountered lots of hubs where one of the cone races is messed up like yours, and always the hub race it went with is also messed up (usually cause water and/or grit got into it). Replacing the cone is usually easy, but for the most part a shot hub race means you should get a new hub. Seeing pics like yours should motivate folks to regularly service their cone-bearing hubs.