I suppose if you used a really fine grade, it could work. Otherwise, I'm picturing reaching into a bag of books, brushing against it, and scraping the dickens out of my knuckles. Or it sanding everything that came in contact with it as it was carried around. Interesting idea, though! It wouldn't be my thing, but attractiveness (in feel as well as looks) is subjective, and I don't have a red rock history to draw from. ;-)
I agree with LFP - the fine grade would be...well, fine. Plus it comes in a lot of different colors, a lot more than the courser variety at any rate. The first thing I tought of was putting it into my bag...next to my computer. Fine paper would definately be the way to go.