I don't know the name, but it is a very delicate flaky surface, most Mica. It's a super fine layered mineral that can flake with cleaning and normal use. Yes you can polish it, but pretty much only with MB-20, otherwise any more heat or friction that comes with older methods will burn it it and pop the minerals.
We usually try and texture or put an antiqued finish on these, but you can definitely hone it as well. A polished finish will always show wear.
as far as grinding down the seam, it technically can be done, but if it is actually 1/8th I probably wouldn't bother. it looks very wide too.