Unfortunately in the case of a model 10, which is one of the most common of SW's, the re-bluing cost will be nearly as much as the gun is worth. If all you want is a nice blue gun and aren't worried about the collector value, go for it. But don't expect that you will be able to recoup the cost of the gun and the refinish if you want to sell it.
Go with metallife. It is rustproof and your gun will last forever with it. I know a guy who used metallife back in the 1970s on his blued Combat Commander and the gun still does not have a speck of rust on it.
It was a police issued revolver, so it has some good amount of holster wear; since it has special value to me, I would like to have it done correctly. Would any gun smith be able to do that, or it has to be S&W?