Truedisk can take your disc: slot, drill, and flatten it by grinding it. A medium sandpaper can be used in a palm sander with it on the bike if you take enough precautions to keep any metal out of your bearing and axle surfaces. You can do it on a bench on the rotor as well but consistently sanding it evenly...you just run the risk of introducing a bit of runout. So, the lathe is ideal method of handling the issue. Just scrubbing the disc with a stripping pad and some acetone can cut any deposit on the surface. Anything that has embedded itself into the pores of stainless steel is minimal because it is not porous like cast iron.
My opinion on it.