ASB..
EVERY rivet installation guide/specification I'm aware of, specifies a minimum installed head and tail height for every protruding head rivet size. As long as the sanding is relatively smooth [Ra=125 microinch or better] and does not cause the head-or-tail height to fall below spec minimums, then this is generally OK... assuming the rivet installation is otherwise 'good', IE: tight, tail bucked straight no weird cocking, no gaps, etc.
CAUTION sanding removes the rivet's protective finish [alodine or anodize]. In this case application of alodine [chromate conversion coating 'CCC'] and primer and top-coat fiishes are STRONGLY recommended to prevent localized corrosion on the rivet head. But... hey... your crazy sanding probably ground-off the cladding and finishes from the surrounding skin, also.
CAUTION.
Be careful about sanding across aluminum surfacces onto steel fastener headss: tiny bits of steel [sanding particles] can become imbedded in the adjacent aluminum skin... massive corrosion+rust-pitting is guaranteed in these areas.
Regards, Wil Taylor
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