If your doing this for your own benefit, have at it.
If you decide to try to pass a note that has been "processed",
to improve its grade or appearence, is for all other terms,
unethical.
You actually see this all the time when dealing with fractional
notes, which I am an avid collector of. It is quite easy to spot,
if you take the time to check and test the note.
What you really can spot is the lack of embossing, and a bright
sheen to a processed note. The creases or folds will not go away,
if they are there to begin with, you'll see them.
I have purchased a note that was processed at one time, then sold
to me as an uncirculated or almost unc. note, (online mail order, auction house stuff), and after inspection back it goes.
For me, I want the embossing, the folds sometimes are character also,
esp. for a tougher to find issue.
For what it's worth I want the note unaltered, as they say, "warts
and all".