I would say it depends on the look you're going for. I've done it and not had any trouble. I usually take a craft knife and get in as best as I can then sand away. But, I also tend to ink most projects and try sticking to a color that will cover any flaws.
If you do decide to do that, make sure it's REALLY dry. Or, the Mod Podge will make the paper more susceptible to tearing,
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