I've definitely been using mine for sharpening. Works wonderfully.
It certainly isn't ideal, but I use an old worn out 120 grit belt (worn so it doesn't grind the platen) and turn it inside out. I put green compound on the belt and it does an excellent job of polishing my bevel. I wouldn't recommend doing it because I don't know how well it would work for anyone else, but with my belt, on my machine, it works great.
"Why don't we both die and let God settle it?"
- Stephen Colbert (when confronted by a non-believer)