Never tried, but I would think the problem would come in knowing how much more you are sanding one limb than the other.
I know that if I just want to reduce weight evenly I can take 10 scrapes off of each limb with a scraper, but I don't know how to gauge that with an orbital.
The same holds true if I want to take more off of one than the other, say 10 scrapes on top and 15 off of the bottom limb. Im not sure how I would do that with a sander.
All that being said, im not very good at tillering yet, so other guys can probably get pretty dang accurate with a sander.