Algundo,
I tried it this morning. I got 1000, 1500, and 2000 grit from the local autobody supply store. In a 5 gallon bucket of saltwater I sanded a piece of 3" by 6" 1/4" extruded acyrilic. I started with 1000 until the work piece looked uniform, then to 1500 and 2000. All while submersed in salt water.
I have to admit it doesn't look to bad. I stuck it in my nano-cube and looked at through the glass. It was definetly hazy compared to the glass and another piece of unsanded acyrilic, much better than I thought it would be.
After this I sanded a second piece of the same size with some freshwater on my bench, I used the same grits as above. I then used the three step process with the 3 Novus acyrilic polishes. There is literally no difference between the unsanded acrylic and the sanded and polished acyrilic.
When my wife gets back with our camera I will try and post some photos.
In summary you probably could get away with sanding the tank with water in and not polishing, if you sand the entire tank. It would not look as good as it did when it was new though. Someone mentioned using 12K grit sandpaper, ifyou could get ahold of that it probably would come out very good.
Hope that helps.
Matt