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That's called an electric file.
ou can buy them at many diy stores for a reasonable price.
Black and decker makes one for example. mount it in a stand, and you're ready to go.

+1.

If you follow my handsanding guide (the wiki link), you'll end up with a smooth mirror polished blade. The lowest grit is determined by the amount of damage on the blade. 220 is good if there...