I just sharpened a JA Henckels serrated paring knife last weekend. I was debating as to wether to remove the serrations altogether, or try to preserve the knife profile. If you use a magnifying glass to look at the edge opposite the serrations, you will notice that there is a slight edge angle. I sharpened this side only (at 25 degrees) using a fine graded stone. It worked quite well. If it didn't work, I would have removed the serrations.
Steve