This is the woodworking part of me speaking, I use a my 1"x42" in reverse to shape chisels and plane irons. I use a jig. They are such a mess from sad attempts at sharpening, that's why they are at the fleamarket. I very quickly found the ordinary belts didn't last and switched to the blue zirconium . I think it may be 80 or 120 grit. The little Veil belt sanders are very very jig friendly. I run the motor CW, opposite normal rotation. The motor is a 1/4hp reversible.Then work my way by hand to 8000 grit Japanese ceramic stone. Finishing with Lee Valley's green crayon and a power strop. Hunting knives don't need this level of sharp, 1000grit is more than enough. . Everyone will have their magic method, but heck it's only abrading steel.
When I worked in a machine shop, we did a lot of machining on a 6"x48" belt sander. I use mine to true up plane bottoms, they made planes quickly out of green cast iron. You know how that ended. Again I switched to the blue zirconium belts, 80grit. Otherwise the belts edge wouldn't last. The dulled.