Hi Frank,
The "short answer" is "yes", apply noise reduction before sharpening, so as to avoid sharpening the noise. Unfortunately, the "long answer" isn't quite that cut and dried ...
In essence, noise reduction and sharpening are - to a very significant degree - "mutually exclusive" in the real world; sharpening increases the contrast around edges whereas noise reduction "averages" areas of a photo so that the impact of the (psudo-random) noise is reduced. It all sounds nicely "compartmentalised" in theory, but in practice, noise reduction ALWAYS ends up softening an image (so more sharpening is usually required to offset that softening). So in a very real way, in just the same vein as "sharpening will also sharpen noise" (and thus making it more visibly obvious), "noise reduction will also significantly reduce the effect of a given sharpening workflow", and thus make that more visibly obvious too.
So the question really becomes "which degrades an image more; sharpened noise or a soft image"? In real-world terms, the "A" answer is "avoid creating noise in the first place" - and in my opinion, that's very easy to do - AT ANY ISO. Simply follow 2 rules:
(1) Avoid under-exposure (especially at high ISOs because the dynamic range of the capture decreases with increasing ISO, so the "safety margin" of a high-iso capture is significantly reduced to start with, resulting in more noise being made visible when the levels of the image are adjusted in post-processing - or in other words, if the image is exposed correctly in the first place - no raising of levels will be required - and the information captured will be as far away from the noise floor as possible.
(2) Avoid excessively cropping an image. Noise is very small - far too small for our eyes to resolve at normal image sizes. Put another way; "if you don't crop an image excessively, the ONLY time you'll be able to see the noise in a correctly-exposed image is when viewing it at near 100% in photoshop".
Personally, I NEVER use noise reduction on my images -- I've just never found a need for it. If folks have problem noise then 999 times out of 1000 it's because they're either under-exposing the captures and revealing noise when compensating in post-processing, or they're cropping excessively -- both are issues that they should be fixing at time of capture, not during PP
On to sharpening ...
Sharpening is mis-understood by many -- a common "myth" is that sharpening only needs to be applied once (usually at the end of the workflow). Unfortunately, sharpening is needed to counter softening due to a variety of reasons - and because these situations occur for DIFFERENT reasons, DIFFERENT sharpening protocols are needed to counter them. So lets work through them with some real-world examples ...
CAPTURE SHARPENING
When an image is captured, a degree of softness is introduced due to 3 things (1) the digitisation process (the process of converting a continuous scene into individual pixels) (2) the anti-aliasing ("blurring") filter fitted over the sensor by the manufacturer to prevent weird patterns appearing when the sampling interval of elements of a captured image approach multiples of the pixel spacing on the sensor, and (3) the demosaicing process as the captured information is "re-constructed" during processing.
Capture sharpening is only visible at a pixel level -- so one has to zoom in to 100% to be able to see it. In the grand scheme of things it won't make any difference to the final image if it's not done ... it just makes the image nicer to work on at high magnifications when one is doing professional retouching. Time for some examples ...
Take the following image - straight out of the camera, with no sharpening ... (unfortunately I've had to down-sample it for display here, but I've tried to convey the effect none-the-less).
And now - since capture sharpening needs to be viewed at 100% magnification, lets grab a portion of the image (100% crop) - perhaps the portion I'd see when working at 100% magnification on my monitor (ie when 1 pixel of the image uses 1 pixel on my monitor) ...
You might think it looks OK (if you're not in the habit of applying capture sharpening then this will no doubt look pretty normal), but it's not optimal. Take a look at the same 100% crop below, but with capture sharpening of 300% @ 0.3 pixel appplied ...
If you look closely at the above 2 examples, you'll see that the 2nd example is "clearer" or for want of a better word "sharper" (doh!). As I say -- it doesn't make any difference unless you're looking at it at 100%
CONTENT / CREATIVE SHARPENING
I mentioned above that capture sharpening is only visible when looking at the image at 100% magnification ... when we look at the WHOLE image at once on our monitors, it may surprise some people when I say we're not actually looking at the whole image ... for me, a typical image from my camera is around 3600 pixels wide by 5600 pixels high -- but my monitor can only display about 1900 pixels wide by 1080 pixels high - so when I'm looking at an image (especially a vertical one) - I'm only seeing a small fraction of the actual information contained in the image -- and thus it's not hard to see how capture sharpening (which is typically done at a radius of 0.3 pixel) just can't be seen. Take a look at the image below - it's the same as the very first image, but it's had capture sharpening applied ... you won't be able to see any real difference ...
So - to make our images "pop", we need to apply more sharpening, but it needs to be sharpening that applies to bigger areas so that we can see it when looking at the full resolution image, but displaying this FULL RESOLUTION image at a smaller size so that it fits on our screens. So take a look at the image below ... I've applied content / creative sharpening of 75% @ 6 pixels (I'd normally use something closer to 40% @ 4 pixels, but I wanted the difference to be more obvious).
In real-world terms, content / creative sharpening should reveal the same additional "clarity" to an image the capture sharpening does, but with the image displayed at a size that allows the entire image to be viewed (not just a small portion of it, as is the case with capture sharpening).
OUTPUT SHARPENING
OK - so we've applied our capture sharpening - and we've applied our content / creative sharpening - but at this point we still have a full-resolution image - and full-resolution images aren't suitable for posting online because they're just too big. To get around this, we down-sample them to make them smaller. The algorithm that's recommended for doing this in Photoshop is called "Bicubic Sharper" (and it does a pretty good job), but I've found a way that's better - I use plain old "bicubic", but add a touch of sharpening afterwards (typically 50 to 100% @ 0.3 pixel again). The result is subtle, but if you look closely, you'll be able to see the difference ...
and "viola" - we're done!
Hope this helps