J-dog,
You're not kiddin that it's a pain to get the bleeders in/out of the Phantoms! I can believe that someone hasn't cut themselves badly and sued them yet.
I don't think there's any practical way to sharpen them with the bleederes in place though. You could use a carbide type sharpener but there may even be clearance issues with that.
Here's how we remove them- Stand the broadhead up on a block of wood with the point of the head down. Then push straight down on the back, unsharpened edges of the bleeder. As soon as it releases from the seat in the ferrule, rotate it clockwise (or counter clockwise). You have to get the tip of the bleeder to move left or right and clear the ferrule, then it will rotate right out. It's pretty simple after you've done it a few times and it's much safer than the way Muzzy suggests in the instructions.
Ron