There are several liquids available on the market that will act like fine (1200 grit) and rough (400 grit) sandpaper.
Neo-Tac's Liquid Sandpaper will roughen a surface and make it dull; I am not sure what the actual grit is on this one.
Columbia's Degree Dull will also dull a ball (to an unknown grit level).
Track's Degree Dull will do a similar thing, but her eis what TRack says,
"Removing sanding marks and scratches on polyester, urethane and reactive resin balls. To match our factory "sheen" finish, sand ball with 400 grit sandpaper, then use Clean and Sheen."
Ebonite has POWERHOUSE Sand Blaster, which finishes a ball to 400 grit, and
POWERHOUSE Matte Finish which does the same to about 1200 grit.
For a good place to get these and for descriptions, see
http://www.bowlersparadise.com/shop/cp/(No, I'm not associated with them, but I have bought from them many times.)
What you can do is polish a ball and then use the right liquid to take it to the desired grit level
OR
you can use regular silicon carbide wet/dry sandpaper and use one of the above liquids to smooth it properly.