I'm not sure... pits will make bigger pits, and damage the bearings and wear both the cones and cups.

So, polished should be better.

Since last year, I've started polishing all of my cones before installation. I've got some wheel cones with a few thousand miles that I probably should inspect soon.

Anyway, my opinion is hardened or not, a superficial surface polishing should be an improvement.

Cutting out deep pits may give one a weaker surface. But, if it is already shot, why not give it a try (as long as you don't ruin something like the cups that may have still been good.

It also depends on your replacements. I have no doubt that not all manufactures use the same surface quality standards, so a cheap "generic" may be worse than a restored original.