Yes, you will see a different ball read on the lanes between sanding up and polishing up. When sanding up, you alter the grain of the coverstock, but the pores of the ball remain somewhat open. Also, sanding up doesn't really round off the edges of the grain....think of it as sawteeth or threads, where the finer surface has less distance between the top of the tooth (or thread crown) versus the bottom of the tooth (or thread root...here I go again, getting technical on you). Now polishing a ball tends to round off the sharp point of the tooth, and it tends to push some of the material down into the pores of the ball. You still have an irregular surface, but the peaks and valleys (that were very distinct with the sawteeth) are now more rippled, with the tops and bottoms rounded off. Basically, you could look at a sanded surface as /\/\/\/\/\, where a polished surface would be more like ~~~~~~~~~ (exaggerating the sizes somewhat on the characters here, but maybe you get the picture). If you were to look at an oscilloscope display, the sanded surface would look like a "sawtooth" waveform, where the polished surface would resemble a "sine" waveform.....the sine waveform may be nearly as high as the sawtooth, but the sine waveform has rounded peaks and rounded valleys.
Since a sharp tooth like surface (sanded) generates more friction than a sine wave surface (polished), surface, the sanded surface is going to grab the lane in small increments. The polished surface actually puts more surface area of the ball down onto the lane itself. In oil, the sanded ball will cut through the oil and grab the lane, but the ball loses some of its energy while grabbing earlier on the lane....the polished ball hydroplanes in the oil. On the dry, the sanded ball has already expended part of its energy of rotation, so there is less reaction on the backend.....this gives the sanded ball more of a continuous arc reaction on the lane. A polished ball however has hydroplaned on the oil, and still has virtually all of the energy of rotation when it hits the backend. When the polished ball catches dry backends, there is more contact patch between the ball and the lane surface, which gives a more violent reaction.
Basically, the analogy of the car racing tires does come very close to this.....wrinkle wall drag slicks hook up extremely hard on the dry asphalt, but they aren't worth a darn in water. Treaded tires hook up better in water, but they lose part of their bite under heavier acceleration, due to less contact patch with the asphalt.
Anyway, maybe you get the idea. A sanded ball still has more bite all the time, where a polished ball has less bite in oil, and more bite in the dry. Polishing a ball rounds off the peaks and valleys.