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If you are honing a bunch or razors, a 1K is indispensable. If you are honing 1 or 2 every once in a while I would still prefer the 4/8/12K. "Reasonable" time is in the eyes of the beholder. I like...

I truly believe you can get into honing for around $100 or so. Around $75-80 for a 4K/8K Norton and another $25 or so for a Chinese 12K. You can set a bevel on the 4K, although it will take longer...