I think it's a good idea. Start with about 100 standard sandpaper and work your way through the grits up to about 400. By then you'll probably be in wet/dry. You can if you want, but I think wrapping around a dowel is unnecessary. Sand with the grain and, on the micarta, sand parrallel to the blade. This is so sanding scratches run lengthwise along with the blade and they'll ease out easier with each progressive grit stage.
On the micarta, you might want to stop at about 220 or so, depending on how you want the micarta to feel.
Once you start sanding, you'll want to do the entire handle. Pay attention to the blade area (spine, end, and underbelly of handle) so you don;t leave scratches. By about 400 grit or so, they should be ironed out.