I tend to shape my edge correctly with a coarse stone, then switch over to wet/dry sandpaper, using it wet of course. Specifically for planes and chisels, I like to go all the way down to say 400 grit, but for a draw knife, I can slice anything I want with a nice medium whet stone with water. I would love to have an India stone like all the knifesmiths use. The key is to get your blade symmetry correct first (shape) and then sharpen from there. I think planes and chisels require a pretty polished edge while other tools like a drawknife can be stone sharpened. I am no edge scientist, so you may want to look for opinions.