I have the wheel rotating perpendicular to the tip-tang axis, away from the edge. The razor itself is lying flat on the work surface (unless I'm working on the front portion, the spine and the top/bottom of the tang). The speed setting is 3 but it's the Motomaster rotary tool. The wheel is flat on the blade but I've noticed that I use the top portion a bit more.
Because of the direction of rotation of my tool, I can't get to the stabilizers properly on the face side, while the wheel is rotating away from the edge so I do it with the wheel rotating toward the edge but I can't really describe it in words. Maybe I should make a vid and post it lol.