Any cold steel coloring is basically a joke, including 'cold' or 'instant' black oxides. The cold black oxide solutions can be easily identified at various online resellers by the color (looks like blue Kool aid) or MSDS (copper and selenium based). I've done a lot of the cold black oxide and the outcome is very dependent on steel hardness and surface prep. I've also done a lot of black (manganese) parkerizing ... Meh.
Hot blueing and (true/hot) black oxide are essentially the same process. I've happily outsourced to
http://www.blackcote.com/ in the past. Peters Heat Treating also does a great job with true/hot black oxide.
For any hot process (bluing, oxide, or parkerizing), sandblasting is recommended but not absolutely critical. If I was you, and I was determined not to outsource, I would experiment with parkerizing on a sanded test piece.
A trick I used to apply the cold black oxide was to do so with a scotch brite pad - I would dip the pad in the solution and rub it on. This seemed to help get a deep, even color. Give this a shot if you are determined to use a cold product.