I have played around with both rim sorting and swaging the bullet to a uniform diameter. I have Paco Kelly's tool for the swaging. I plan to add weight sorting to the mix this summer.
As to whether or not it helps, I think its a qualified maybe. In my experience, if ammo is shooting very poorly you're wasting your time. Likewise, I wouldn't do this on any premium ammo, it's already been done, that's why it's premium ammo. And don't forget, if you can't shoot a group, fixing the ammo won't help.
BUT, I found some inexpensive ammo "wants" to shoot. I have a ring binder that I keep all my targets in. I have found that CCI Blazers and Mini Mags would often shoot 4 rounds into a dime at 50 yards, but then there was ALWAYS a flier. I assumed I was just yanking one, but after repeatedly doing this over an extended period (like 3 years or so) I started to wonder. A VERY experienced older shooter told me he had tested this same thing extensively, and he felt that it was simply inconsistency in the ammo.
So to make a long story short, tweaking ammo that had ALREADY SHOWN POTENTIAL seemed to reduce those mystery fliers. Again if a particular brand is shooting 1 inch plus at 50 yards, probably a waste of time.
I'm not done yet, this project continues...