NO....DONT SAND IT....
the quick and easy way is remove the stock, use some easy off oven cleaner, this strips off the old finish and gunk, rinse it with very hot water and use an iron with damp cloth to raise the dents...all the moisture will swell it a little and raise the hairs of the wood grains...this is a good thing. after raising all the dents you want, leave a few to make it look masculine...what ever, let it dry naturally for a few days then use some tandy's brown shoe die which has a red/brown tone to put the almost official color back in and use a mixture of boiled linseed, beeswax, and turpentine which after prepared makes a paste rub in a coat and using very fine steel wool rub off the sheen and raised grains of wood. use tripple ooo or quad oooo steel wool...keep this up until you have no more hairs, (wood fibers) raised up and then just rub in the mixture of the paste. this stuff makes a good protector of the wood too....use some polyurethane on the inside of the stock to weather proof if your not bedding it....there is a step by step similar to this on some web page somewhere but i forget where....if you have some splintering you can carefully sand them down...battlerifles.com has some good articles about this and the cmp web page has a forum with related topics sometimes...