I had great success sanding down my fan blades. I have a Sunon 120mm that is rated at 42dbls and I sanded both sides of the fins with 600 then 1500grit paper. ONLY useing the "ear" test, I would say that it droped to 40dbls, MAYBE 39 from just the sanding. It did make a NOTICEABLE difference for me.
Side rant:
Now if I could just get this damn Sedra to shut up I would be able to enjoy the extra silence of doing all that work!