You might try making another of the same wood, wet it to raise the grain, don't sand it, dye it with an alcohol dye from a wood working or paint store, and then see what it looks like. Alcohol dyes are really vivid in their colors.
You may choose to just clear coat it after that, depending on the dye you select.
If you don't like it, you can sand it and redye it, or paint it.
I don't sand to perfection before, or after, I seal my lures. Granted they're big, and mostly reaction baits, but the raised grain, if there's any left, just gives the paint a more 3D look, and the epoxy makes the surface smooth anyway.
I actually have done it and had a friend ask me to leave the grain like that on a lure I was making for him. He said it was a different look that he thought would appeal to fish.
He catches big fish, so maybe it's a good idea.