Pete,
Nope, I have no experience wet sanding and I, too, would be worried that the wood would absorb to much moisture that might later create a problem.
I also spray fullerplast and find that it is very forgiving when spraying it on glass. It seems to magnify evey little scratch when sprayed on wood, but even rough sanded glass limbs seem to come out looking good. I like a matte finish too, I use a lot of flap sanders when finishing bow handles and have found that the ones with the brillo pad foam stuff between layers of sand paper work really well for a final finish. They kind of burnish the wood and leave a really smooth, scratch free final finish.
I ussully give the limbs a once over with it too before spraying and it works well.
I suppose if you really wanted a glossy finish, a wet sand would be the best, but I'd let the whole thing dry out for a while before spraying.