Howdy Lyle, There are wide opinions of what natural color is and how to "keep it" or enhance it. Also, every piece of wood is different. Even variation within the same tree or board. Your results may vary.
I highly recommend practicing to find the results you like. Wood finishes are expensive these days. So, if you have a buddy with a stocked finishing cabinet, prepare some samples to bring and absolutely bring a box of cookies as a thank you. Take notes!
In your plan, I suspect the color will mostly be determined by the application of your sanding sealer. The type of sanding sealer can affect color as some have more tint than others. A lacquer sanding sealer might have a slight color difference but not real severe. Shellac can vary widely with Super Blond, Blond, Orange, and Garnet. If you do shellac, choose a dewaxed shellac and thin it down. Probably true with any sanding sealer... you don't want the sealer to dry before it is able to soak in and spread evenly throughout the project. For this reason, I would suggest not using a water-based product as a sanding sealer.
You said you want to use Yorkshire Grit. This is a personal choice, but I usually recommend never using these types of products... at least for this type of project. The wax and carriers used in them could interfere with finish adhesion to the point of finish failure if they are not completely removed from the wood surface. Seeing as how wood is a porous material, it is highly unlikely a completely cleaned surface is possible. These products are around 1000 to 1500 grit and you can easily accomplish that with standard sandpapers. However, given your material choice of Mahogany, sanding to 500 or 600 grit should be plenty good to remove visible scratches. Just take your time and use a good strong light across the wood surface.
The most color change you can expect is from an oil-based finish. Just like if you get some cooking oil on a piece of paper it kind of makes the surface translucent. Not seeing your Sipo Mahogany and going from memory when I had some, you can expect it to enhance the reddish-brown tones. However, how consistent your application of a sanding sealer is can lead to good results or bad blotchy results. I would take some of your off-cuts from the mahogany and experiment before you commit to your bowl projects.
I highly recommend Bob Flexner's book "Understanding Wood Finishes". Buy it. Do not pass Go, Do not collect $200. Buy it. Read it... it will save you lots of headaches and save you money on finishing products and get you past the sales pitches to knowing what finishes will best achieve the results you want. Any version is good, but go for the most recent updated Third Edition. (edited)