Install Issue

 

I would hand sand it down just to be careful. A Dremel may take too much material too quickly.

 

A problem with sanding is you while you remove the ridge you can also remove material from around the ridge, over a wider area, and this can (could) have the bearing fit a bit loose.

Since the ridge is a very localized anomaly I would take a scraper knife and just scrape away the ridge. While you will probably remove more material than the ridge you do so in a very small area -- compared to sanding -- and this does not effect the bearing fit.

You want to use a good straight edge and a bright light to ensure you have removed all the ridge so the bearing when pressed in doesn't encounter any ridge remnant. If it does it can result in a bearing fit that is not quite square with the bore of the bearing housing and can lead to premature failure of the repalcement bearing.