I'm late to this discussion, but I have used valve-lapping compound to clean up minor (key word) pitting in races that could not be pressed out (or no new races sold). Compound is very fine and lapping with a hand drill takes a long time. If I was determined to use this method I'd ask my Mom for some of the diamond powders (coarse to extra fine) used by lapidary hobbyists, it would cut far faster than the silicon carbide in lapping compound. Yes, it removed any case-hardened layer that may (another key word) have been present, so I always sought out softer ball bearings than the grade 25 chromium alloy jobs we use in every other case...look for grade 500, plain steel. I also think that the pitting in these fine and vintage pedals is unfortunately too deep to attempt lapping it away (YRMV and hope springs eternal).