Are your wedges chrome plated or raw? If they are chrome then you will destroy the finish.
I've got an old wedge that literally stays outside all summer that I chip in the yard with and just for fun I got one of those re-grooving tools off the 'bay. Depending which shape you use it either does nothing (just makes the bottom of the groove deeper) or completely destroys the sides/edges of the groove. Its really amazing when you look under magnification the amount of damage you can do with these things!
Its really the intersection of the groove and the face of the wedge that you are trying to modify and I can't see how a hand-held tool could do that accurately enough to make a difference. that and you will make your wedges non-conforming if that matters to you.

Make a lot of good points. The more I think about it the more it sounds like a bad idea. Just thought I would get some other thoughts. Thanks!

I have seen these tools-I do not think regrooving is a DIY job, personally. Go to the SM6's-have them in my bag along with some custom Wedgeworks models.

I had been having the same thoughts as you. My SM5's are showing wear, but I'm still satisfied with their play. I almost pulled the trigger on the tool, but finally DIY sharpening just didn't seem like the thing to do mainly for reasons mentioned above. I went ahead and got fitted for some SM6's. Those will be moved to gamer status and the SM5's will be my range sesh tools.