It's much harder than some may think to do right and I can personally attest to the fact that buying the appropriate tools alone will cost you more than taking it to a competent tech to do. I was taught the craft at the American School of
Luthiery by Roger Sadowsky about 4 years ago and I've been perfecting my skills ever since yet I really don't have the confidence level in my own abilities enough to take in fret dressing on anyone else's bass for a fee.
It's really an art form that requires great care, skill and most of all experience. I have progressed beyond that "Beater" practice neck long ago and work on my own basses all the time though...it's a "tweak" that I enjoy but unless you want to make the investment in the proper tools and practice, practice, practice.
Steve "Dude" Barr
http://www.TheDudePit.com