Wow I didn't expect to start such a thread!
I take no offence, I should mention, from those people posting contrary ideas to mine. I know what works for me, and I have had nothing but success with my dremel and flapwheel. I'm embarrassed that there seems to be such a resounding negativity towards my process though...
I approach it in a very methodical manor, and I do it all free hand. I can feel the pressure, feel the heat in the blade, and can visibly see the sparks coming off. To my mind, nothing could be safer for myself and safer for the blade. I agree 100 percent that a wheel is ideally the way to go, but when you live in residence at a university, space and noise are of great concern.
I was not trying to say that this set up is the best, easiest, or safest. If you read what I wrote it says nothing of the sort. The only idea I was trying to propose is that it helps a lot if you are a hand sander. I also think that, just like shaving itself, it all depends what feels right to you.
I will attach a picture at the end of this post showing what I can do with nothing but a dremel. It might not impress you to death, but nobody is going to say i ruined the blade or did a poor job. This is my daily shave, or will be now that the resto is all done. It needn't be perfect, and I'll happily admit that it isn't professional quality work- but for a 21 year old who views it as functional art, it is more than good enough.
Thanks for all the input guys. My only other word on the subject would be to encourage people to try using a dremel at least once. I started with a higher grit flapwheel, but moved to the 120 after I got a feel for it. Figure out what works best for you, or just get a wheel if you have the space. To me, it beats hand sanding all the pitting out of the blade.
Attachment 92894
(Just demonstrating my point. Just telling all the dremel denouncers that with practice, you can get a mirror finish with a free hand and a flapwheel.)