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In case you want to see my work:
https://www.facebook.com/pages/Snailforge/498151823624514

The tool steel ones are all O2.
O2 is imo the best steel, bar none, for razors.

When you get belts, make sure they're for steel. Typically, these things are used for wood and softer metals and belts for that purpose suck for grinding tool steel.

Probably, but it's very tricky

1) the wheel is not a contact wheel, and it has a very small diameter.
2) the motor is very low power so you risk burning it
3) it goes way too fast for fine...