Senior Member
Join Date: Apr 2009
Location: Boulder County, CO
Posts: 1,511
Bikes: '92 22" Cannondale M2000, '92 Cannondale R1000 Tandem, another modern Canndondale tandem, Two Holy Grail '86 Cannondale ST800s 27" (68.5cm) Touring bike w/Superbe Pro components and Phil Wood hubs. A bunch of other 27" ST frames & bikes.
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Yes you can absolutely buff out scratches. However, if its a part you treasure I'd trust it to someone who has made polishing and restoration of vintage components a passion. You can find several members on this forum who would do it for you, for a fee, for vintage kit, and some just to see the part restored.
You can absolutely have any part re-anodized. Anodizing is not some mysterious alchemy that only the Italians knew in the 60s/70s/80s but is lost to the modern world.
However, the better question is why bother? Instead, why not source a Cinelli Grammo titanium stem and add some bling to the bike? Titanium quill stems sell for shamefully low prices nowadays. I picked up one (in my length even) for $25. I'll have to have a custom built someday just to use that stem because the drop doesn't work for me on my marginally too small bikes.