It's not normally done. For one thing it can disfigure the connection of the wrapper to the bunch, causing some loosening at the edges. For another, the increased smoothness you get from re-molding might be better achieved with proper wrapper prep and application to the bunch at time of wrapping.
One thing I think it can be fun for is to give your sticks a bit of a box-press. Squeeze it in there, don't put on the top, then rotate it 180 deg and push it back in there and you'll end up with a stick sort of flattened on two sides.