Typically, in reference to an engine, cross hatching is found on the cylinder walls. It serves a few purposes and one of which is to help break-in the piston rings upon initial start up. After the break-in period the cross hatching helps retain a certain amount of oil for lubrication. It really depends on the type of piston ring used, but this cross hatch pattern is typically generated using a 600 grit hone.
My thinking would tell me that if you wanted to generate a cross hatch pattern in the axle surface you would want to spin the axle as slow as possible and keep the sandpaper moving quickly across the surface. If you are polishing to 12,000 grit or higher I personally don't think a cross hatch pattern would make a difference, but I've been wrong before.