Due to living space restrictions, I do not have the option of a full sized workshop. So I started with a dremel using homemade sanding drums per threads here on SRP... have stepped up to using 1" stitched muslin buffing wheels with greaseless compounds with great success... and I have never looked back. For example: exhibit A, exhibit B, exhibit C, exhibit D.

IMHO saying a dremel is dangerous to a just-getting-started restorer is as poor a piece of advice, if not poorer, than not saying it. Reason being that it can easily lead a beginner to assume a full size bench grinder with greaseless compounds is easy in comparison when, in reality, it can be just as dangerous and damaging without practice.

I think the more appropriate thing to say is that either route can work brilliantly if practiced first. And either route can fail spectacularly if not practiced first.

As others have already alluded to in this thread, the key with either is to practice, practice, and practice more until you:
  1. Get a feel for how each grit your working with will behave
  2. Learn to stay focused and ensure you the rotation of the polishing wheel is spinning away from the 'shaving' edge of the blade so it won't grab it and destroy the edge, shred the wheel, or send the razor (or shards of it) flying
  3. Get in the habit of regularly dip the blade in a cool cup of water to avoid over heating it and ruining its temper


Regardless of whether you use a dremel tool or a bench grinder, the result you get out of it will be directly proportional to the amount of practice you put into it.

Just my humble two cents...