You will smooth the grips and lose the grippiness, but you will end up with a wood grain look that looks really nice. Just make sure you have a flat surface to do your sanding on, and a sanding block would be handy. You will have high spots, middle, and each end that will should be taken down first. Just measure it, sand, measure, sand, until you get where you want it.
As dano said.....DO NOT BREATHE THIS STUFF!! Use a respirator, and have a spry bottle of water that you can use to wet this stuff down as you go, keeping it from getting on everything.
As dano said.....DO NOT BREATHE THIS STUFF!! Use a respirator, and have a spry bottle of water that you can use to wet this stuff down as you go, keeping it from getting on everything.