Where do I start....
If you use grinding paste on your chrome rims you will take off the chrome and will end up with a rusty patch that when braking will 'grab', potentially causing your front wheel to slide out from under you if braking on a wet corner. You are also unlikely to remove enough material to rectify the anomaly and if you do succeed you will end up with a weakened rim wall that will be a danger and could fail unexpectedly.
You need to either live with it or it may be possible to 'flatten' the lump by carefully tapping it down with a hammer.
I'm surprised that a minor flaw in the rims braking surface is causing "Immense juddering". I my experience it takes substantial defects to cause a problem that will seriously affect the bikes functioning. Is there another fault that is perhaps magnifying the problem? is it a front or rear wheel? Have you checked the headset to make sure there is not play in the bearing that are allowing the forks to bounce? Are the brakes securely fastened to the frame?
Without seeing the bike it is hard to think what else it could be but maybe the rim is not the main problem.