Whatever you feel like. Unsanded stays deep glossy black, albeit with an orange peel finish. Sanded is as smooth as you make it, but a shiny grey, like a pencil lead. So go with whichever finish you feel like.
No need to sand between coats for adhesion. Also be aware that sanding graphite/epoxy mix makes vast quantities of very fine black powder that is very difficult to clean off anything, but especially so for skin and cloth. Unless you actually want the fresh-from-the-coalmine look, you need to take heroic dust collection precautions.
Thanks Laszlo, (and for all your other posts and responses, incredibly helpful).
Will be leaving the final coat glossy, just was unsure about the sanding requirements between coats. None is a definite plus ....
As an afterthought, do you (or any one else), know why the final texture of the graphite mix appears as it does ? Just wondering, as applying a so called "mustard consistency" graphite mix by brush, on dynel rub strips I just added, resulted in a deep, glossy, glassy smooth finish. Is the 50-50 mix heavier in graphite than a "mustard" mix, or is it the roller application that creates the texturing ?
I may have bee doing this all wrong, but I seem to be getting smooth, glossy, black results with no sanding. I have been using a runny ketchup consistency, more like thick tomato juice, pouring it out in a zig-zag pattern, then spreading it with a foam mini-roller, and then tipping it out with a foam brush. I've noticed that after a couple of years it gets dull. Still looks good, though.
Probably oxidation of the glass or wear. You could try waxing the bottom, varnishing, or a clear coat of epoxy. I would look at varnish because of the UV properties and possbly some wax.
I say sand it. The two bottom panels of my West River 180 are graphite and its sanded SMOOTH!!! Leave the orange peel for the fruit. This smooth finish needs to be brought out.