A second on the buffing compound. It comes in two grades a coarse, usually red or brown in color and a fine, usually white or light gray. Comes in tins like old fashioned auto paste wax. I wouldn't use it on a brush though, just on a thick flannel patch, so the abrasive can work on the lands and grooves.
My guesstimate is that the coarse stuff is about the equivalent of 320 grit abrasive and the fine stuff closer to 600 grit. J&B bore cleaner may also work, same for Flitz, which can be very hard to find. Lacking all that some fine pumice mixed with a thick oil or grease on a patch.
Steel wool comes in several grades from fine to coarse. Anything over 4-0 (0000) would be too coarse and will eat the rifling. In addition, steel wool leaves all that metal splinter lint in the barrel. a SOB to scrub out.
The gun will need a very good cleaning regardless, but that steel lint is a particularly rough problem.
Unless it is a very noticeable burr., shooting may be the best cure. The pushing the ball down bends the burr one way, firing pushed it the other. Eventually it shoots out and all the shooting burnishes the barrel.
I would not expect a "ring" to create a rough spot, just a swell. If it is tearing the patch like a cut, it is probably a burr. On the other hand a serious pit will also tear the patch. But is probably a more serious problem.
Some times a pin pushed through a dowel can be used as a guage to "feel" the extent of a pit. The pin point will catch in the pit.