There are other ways to remove leading from a bore, one of which is to use strands of copper Chore Boy pot scrubber pads.  These pads are thin pure copper ribbons coiled into a pad.  To use, cut off a strip and wrap around a bore brush.
WARNING: Make SURE you get genuine 100% copper Chore Boy pads.  Many of the off-brand pads are actually stainless steel with a copper plated finish.  These will destroy a bore very quickly.  If in doubt, check the pad with a magnet or better, use a knife to scrap a strand to see if it's actually plated with copper over steel.
LUBRICANTS.
Lubricants are one of the most debated subjects on the internet gun forums.  Everyone touts their favorites advantages.  The truth about gun lubrication is that WHAT you use really doesn't matter, it's that you DO lubricate.  There are no "Super" lubricants and as many claims are made about gun lubes as there are about the various car lubricant additives you see advertised on those Saturday afternoon TV shows selling some high-tech magic additive.  In the old days scammers sold snake oil.  Today they sell gun lubricants.  The truth is, just about any lubricant sold for guns is as good as any other.  Many people use CLP Breakfree, which is what the military has used for years, and is noted for being a good rust preventer as well as a lubricant.  The best advice on lubricants is to buy one or two and try them.  However, never mix lubricants, some may not be compatible with others.
Grease is a good lubricant for some applications, including lubricating automatic pistol slide rails and revolver lock work.  The advantage of grease is that it stays put, doesn't dry out, doesn't run off or wick off, and won't sling off.  It can cause problems in extremely cold weather, and tends to gather grit and dust in sandy conditions.  Most any good grade heat resistant grease will work as well as the very expensive gun greases.  Ordinary hardware store Lithium grease is dirt cheap and works extremely well.
Some lubricants are NOT good for guns, among them is WD-40 which is not really a lubricant and is noted for drying out and turning into a gummy substance.  Dry lubricants don't seem to work as well as liquid lubricants, and silicone is not a suitable gun lubricant.  Powdered graphite is no longer considered to be a good gun lubricant and will seriously damage aluminum.
WAX.
To protect the outside of your Colt, you can use a good wax like Johnson's Paste Wax or Renaissance Wax.  DO NOT use auto wax.  Most contain abrasives to polish paint and can damage the finish of your Colt.  Auto waxes also turn white.
SILICONE CLOTH.
Another way to preserve your Colt's finish is to wipe it down with a silicone cloth.  You buy these or make your own.
Buy some flannel cloth at a fabric shop and wash it to remove the sizing.  Cut into squares and liberally spray with an automotive silicone spray.  Store in plastic bags.  When the cloth gets dirty, throw it away.  A dirty cloth is likely embedded with grit that can scratch your guns finish.
SOME GUN CLEANING DON'TS.
Don't mix lubricants or solvents.  Some of these are not compatible and could cause problems or even damage.
Don't fail to actually read the label.  Some solvents can seriously damage a gun barrel if left in too long.  Most of these harsher solvents are intended for use in rifles that develop heavy copper deposits which degrade the accuracy.  These are seldom needed in pistols.
Some people have used electric drills to spin brushes in chambers to clean them.  While this works, there's a risk of damaging the chambers, and it usually takes more time than using a bronze chamber brush.  NEVER use a drill to spin a brush in a rifled barrel.  This will destroy a gun barrel in short order.  While this works in smooth bore shotguns, it should never be used in a rifled bore.
Beware of advice to use non-standard materials or chemicals in fine guns.  These may well work, but most have a risk associated with them.  As example, some people advise to use a mixture of hydrogen peroxide and vinegar to clean leading out of bores.  While this may work, it will ruin any bluing it comes in contact with, and may damage bores.  In addition the mix of vinegar, hydrogen peroxide, and lead forms an extremely hazardous chemical.
It's usually faster, safer, and less messy to use a Lewis Lead Remover kit.
Don't use mercury as a lead remover.  Years ago some people would plug a bore and fill it with mercury.  The mercury would amalgamate with the lead and this could be brushed out.  Today we understand just how dangerous mercury poisoning is and the risks are simply too high when other methods are not only safer but work faster and better.
NEVER shoot jacketed bullets from a gun that's been fired with lead bullets as a means of "blowing the lead out".  Not only do pressures soar to dangerous levels, you run a good risk of bulging or ringing your barrel.  Many people have done this for years with no problem, then they shoot a few more rounds than usual or use a different load, and suddenly they've ruined the barrel.  When a jacketed bullet is fired down a leaded barrel, the jacketed bullet has to try to push the lead in front of it, much like a boat pushes a bow wave.  If there's too much lead for the jacketed bullet to push out of the way fast enough, something has to give and what usually gives is the barrel.  The extreme pressure simply causes the barrel to bulge or ring.  You will hear people tell you that they've "shot the lead out" for years with no trouble, but you'll seldom have someone admit that he destroyed a good barrel doing it.  The smart option is to use a bore brush or the Lewis kit to clean out leading before shooting jacketed bullets.
Don't use abrasives to clean cylinder faces.  Some people insist on attempting to remove all signs of firing from a revolvers cylinder face.  This staining is simply carbon stains from firing and a mix of carbon and leading, or copper fouling.  If you don't want the revolver to show signs of being fired.... don't fire it.  It's almost impossible to remove all traces of fouling from the cylinder, and you run a high risk of removing bluing or nickel plating, or even damaging stainless steel.  Abrasives include various metal polishes, ALL of which are abrasive, Scotchbrite synthetic polishing pads, and steel wool.
If the cylinder gets a buildup that starts to interfere with cylinder rotation, then clean it.  For blued guns use a brass "toothbrush" and solvent to gently brush it off.  For nickel and stainless use a lead-away cloth to wipe it off.  Another option for all finishes is Slip 2000 Carbon Killer, which is a safe chemical that dissolves carbon fouling.
Don't fail to protect the outside of the gun and the inside of the bore and chambers even on a stainless steel gun.  Even stainless steel can and WILL rust.
NEVER run a bore brush part of the way down a bore, then try to pull it back out.  This can damage the bore, it can jam the brush in the barrel, and it ruins the brush.  Always run a brush all the way through and out of the barrel before pulling it back out.
"Pumping" a patch up and down the bore accomplishes nothing.  A cloth patch will not polish out fouling or smooth the bore.  The purpose of a patch is to carry clean solvent into the bore, and dirty solvent and fouling out.  Run patches straight through the bore and out the end.
Don't use too much lubricant.  A little goes a long way. Too much can mix with fouling and form an abrasive paste that can wear parts or cause sticky operation.
Don't expect most lubricants to last very long.  Most lubricants tend to dry out, evaporate, or run off.  Many lubricants can virtually disappear in a matter of a couple of weeks.  Inspect your guns often and re-lubricate as needed.
Again, beware of advice to use non-standard cleaning tools or chemicals.  You've spent a lot of money for a fine Colt, why risk ruining it because someone told you that it's cheaper or faster.