I once had a small sharpening stone (1"x4"x3/8" maybe - nothing special, $10 or less at the sporting goods store) that had some grooves worn in it due to both some misuse and a lot of sharpening of hooks.
I figured if I can smooth the surface and square the edges of a bench grinding wheel with a dressing wheel, I can just put a piece of 400grit oxide sandpaper in an orbital palm sander sand the stone. So I did... turned the sander over, held it in one hand and sanded the stone on it with the other. Don't know if it was the right thing to do or not, but it worked fine for that stone and what I was trying to do.
Unfortunately, for a larger stone, it might be difficult to sand the stone flat and square by hand. You might end up with it out of square and sloping to one side or sides.
Also, have to be careful you don't make the stone too thin.