Here is what it looks like after rotating and before wiping the valve grinding compound off the shaft. The picture with the compound wiped off came out all blurry so I'll need to take another one at some point. It should be noted that the prop is the part that will give up more material as it is significantly softer than most shafting unless you have an old bronze shaft.
The shaft and inside of the prop should look evenly ground with no spots that have not been honed.