Reverse the Sands and Sanguine Bond
Yes, Sanguine will trigger, but you can't set his life total to 1.

Changing life totals is treated as gaining life or losing life to reach the specified life total[CR 118.5]. So that will trigger the bond in this case. (It wouldn't if you started at 14 and he started at 10.)

However, you've misunderstood what Reverse the Sands does. The specific gatherer ruling on this for the card is "You can't split up a life total when you redistribute it". You can only make your opponent's total 10 and yours 14 , or make no changes.

So you end up with the same life totals on different players, and then resolve any following effects. In this case he loses 4 and you gain 4, and then Sanguine triggers off your lifegain and he loses another 4. If you choose not to redistribute, Sanguine won't trigger.