Recently I found out that my ball speed is rather increasing and that this ball doesn't handle med oil quite well. And now I want to sand the ball down so that it handles med oil better ..

Any idea how many grit should I sand ?

I have a SSP sanded to 1200 and it works great for me on a fresh shot. I mainly use it on wood lanes so if I get to quick I try to slow my feet down and get the ball to read better. I would say start at 1200 and then go down to 800/600 and so forth. Using a ball spinner would be the best way.

As an alternative, use a grey pad and scuff it by hand lightly. This will give the ball surface and allow a little more of an earlier hook.
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Swallowing a quarter is nothing to worry about.....if she craps out two dimes and a nickel.....then I'd worry.