In my experience, blending stumps can be cleaned fairly well by molding a kneadable eraser around the tip and twisting them inside the eraser several times. If it doesn't get most of the graphite, etc. off the first time, knead in the graphite and repeat as necessary. I've tried sanding and carving them, but I've never been satisfied with the results. The tips tend to be sloppy ever-after once the surface has been abraded or cut--and of course the surface itself will never be as smooth as it was when new.
If cost is a big factor, it's possible to make your own tortillons. Just do a web search for DIY tortillons or similar. I've made them and been fairly satisfied with the results.
Bottom line for me: it's worth cleaning them with a kneaded eraser, but not sanding/carving them. I find it too inconvenient to make my own, considering that the price for tortillons is quite low (and of course that the commercially made ones are better). I do keep the irretrievably dirty ones and use them as drawing tools, and for places where their grubbiness is not a problem. That helps to keep my cleaner tortillons from getting to that used-up stage quite so quickly.