I've sanded it down yes. The finish on Brett's slip joint folder was done as you describe. It is probably on page two or three by now.
With the textured, which is what I prefer and use the most for grippy handles I leave the outer surface alone and trim the edges only.
Generally speaking since I have asthma its my policy to keep any sanding of micarta, g10, carbon fiber or woods to an absolute minimum so whenever possible I bead blast or buy what I need such as textured G10 or CF that is only needing thinned down and machined for fit.
STR