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Geoff, check out my gallery. Mine was made with a piece of marble that I got gratis (thanks Jason :D). Actually the pic doesn't do it justice. It's exactly as you described with three qualifications:...

Every once in a while. Read up on the "lapping" threads in the Hones forum. They contain lots of useful info on the procedure.

I'd go with 1000 grit sandpaper. It's also much faster for putting the initial bevel on a really dull blade.