i would reccommend that you dont have them cut out (even if vet suggests it, my friends horse had a inch wide and 6inch long, gash under its belly and sarcoids still returned). my advice would be to put "liverpool cream" on it.. the veterinary centre there has developed this cream and its amazing, although quite expensive, it does the job 100%, the horse has not had sarcoids since and, lets be honest, surgery isnt cheap either.
as sarcoids are like icebergs simply banding them will not solve the problem in the long run and they could potentially spread to areas where they could be of real danger (eyes/nasal passage).
obviously check with your vet before applying it because i have heard that it does not work will all sarcoids, but as you could have tied an elastic band around my frends horse's sarcoid i reckon it will probly be ok :)
the cream is easy to administer, its a thick, sticky and gel-like, so i would advise gloves :) hope this helps