To meet your requirements of sandability and impact resistance, I would almost certainly say a rigid laminating resin such as our
EL2 Epoxy Laminating ResinYou will be able to coat the surface a couple of times if necessary to get a smoother finish and it can be sanded once cured. Although epoxy in its own right isn't great at load spreading from a narrow impact, it is quite a hard material and combined with the kevlar underneath, it should absorb some of the energy before it gets to the wood. Over time this is likely to be destructive to the resin surface and hence would loose efficiency over time but it should extend the life of your wooden part.
Obviously the more layers of material, the more energy it would absorb. The resin would also be suitable to bond the kevlar onto the wood surface as well killing 2 birds with one stone so to speak.
How effective it is would depend on testing to see if the extra lifespan is worth the extra cost and time adding the composite laminate?