I am surprised there have not been more replies .... I do not class myself as a tuner when compared with recognised masters of the art but I have sized a few seals in the past, although mostly home made leather ones.
For a modern synthetic I have rarely needed to ... but that does not mean it is not needed at times. When I have done it I have used maybe 600 grade wet and dry, used dry ... engineers can weep at this point. I think it important to have a means of turning the seal e.g. mounting the piston in a lathe or a 'mounted' electric drill and going very carefully. Mounting the piston plus seal in a hand held electric drill and bringing the seal into contact with the grit paper could work but is somewhat imprecise as it is not as controllable as if the drill is mounted. Check for size often, remembering that the seal will invariably bed in after a short time and you do not want to remove too much and preferably none from the outer lip of a 'parachute' seal. While doing this I take care to wipe the seal after each 'treatment' and, when satisfied I have the size right, clean the cylinder, seal and piston thoroughly before final reassembly. I have never used a file on a synthetic seal.
Leather is different as my home made ones invariably need resizing. Depending on what needs to be removed I have used a lathe with a sharp cutter or even a file before finishing with dry 600. It is possible to size leather by hand as well provided you go slowly. Leather is more forgiving in this regard.
Good luck.
Cheers, Phil