I agree to an extent with Mike especially that sharpening and NR go hand in hand ( and we all have our own ways within the workflow)
In my many years of processing, I have found that noise reduction can be accomplished in many ways, but for me, the most accurate comes later in the workflo.
I always perform capture sharpening, not necessarily while in ACR though. If a general sharpening with unsharp mask can be done in the overall scene, then yes, otherwise I like to be able to be accurate and I can do that once converted to jpg, tiff or whatever you choose.
Sharpening is dependent on contrast and once you perform adjustments to the tonal range - be it color, curves, brightness etc, any sharpening after that will be done against that new contrast you may have created in your adjustment. With that said, this is why I choose to handle noise later in the workflow.
Color Banding, grain, and artifacts may now be more prevelant. I do a lot of my noise reduction with a PS plug in called noise ninja. I highly reccomend it or any of the other products out there. I always perform this on a stampped layer and I am able to mask and paint away any areas that do not need the NR.
This is jut my workflo and nothing contradicting the work of others. If you have nay questions, I'd be happy to answer them.