For gravers, I started with an oil stone. At first a couple of different shapes.
One longer flat one to use with a 'Crocker' graver sharpener fixture (do they even make those anymore?).
Plus a couple of different grades in smaller 1"sq x 6" long for hand held shaping of points,,ect.
Then I quickly just went to hand held oil stone and graver for sharpening.
Much faster than using the fixture and I seemed to never have a nice easy to get at place for the fixture and base, much less keep it clean.
The Crocker still sits somewhere buried in the avalanche of stuff on my engraving bench. I think theres a N/O/S one around here too.
I never used oil on the 'oil stone'. Too messy. Just a few quick swipes of the point over the surface and put a heal on it and you're good to go.
I wore a groove into more than a few stones though.
Polishing the point was with 1000grit or more paper backed with a small piece of steel,,sometimes the flat of the vise.
I switched to a Diamond Plate about 1990. That was like a new world for me. More agressive yet never loaded up or wore uneven.
I really like using one of them.
That remained my method until the need to use Carbide bits came along with a venture into cutting Winchester 21's,,lots of Win21's.
I needed better sharpening tools for those bits.
A 'green' wheel on a grinder to rough them out. Then a Power Hone' w/ 600 & 1200 grit wheels plus a diamond polish ceramic plate for final polish.
The fixture to hold the gravers while sharpening on the hone was quite an experience for someone used to just picking up a tool in my right hand and swiping it back and forth like scribbleing with a pencil, on a stone or diamond plate held in my left hand.
But it does a great job. repeatable angles are simple and with carbide and/or some of the more brittle tool points, a small change either way can mean sucess or premature failure of the point.
I still use the diamond plate by hand for alot of sharpening. Old habit I guess. But the power hone w/ fixture is a deffinate aid to getting a true 'gravers point the way you want it,,and being able to repeat it.
I rough out all but the Carbide bits on a belt grinder. A 180 belt works the best. Cuts quick and runs the coolest,,no fast heat up of the bit. The Carbide is done on a 'green wheel' on a grinder. They're especially for carbide.
Chisels I rough out on the belt grinder , starting with 180 grit then continue to refine the shape and edge with finer belts down to 320, being careful not to over heat.
Next shape and edge on the diamond plate from above.
Polish with wet/dry paper backed on a hard surface up to 800 or 1000
Then,,perish the thought,,I give them a couple of quick licks on a hard wheel with white compound and they're as sharp as I've even needed them.