It’s a nice home brew version of some of the production burnishing tools like these Burnishing Tools – Cogsdill.
I’m not sure my little lathe would like the side forces implied very much, although a version with two balls based on a scissor knurling tool might be interesting.
How much hardening you get seems to be quite limited. The description of work hardening in the the burnishing external roller burnishing machine section of that site claims that ‘With certain materials, increases in surface hardness of up to 3 points on the Rockwell “C” scale are attainable. ‘ Which isn’t a lot. What is achieved is a mirror finish in one pass.