What type of grinder do you have?
What is the steel?
Is it already hardened?
Assuming a plain carbon steel blade:
The first grind is usually a heavy grit, from 50,80,or 100 grit (depending on blade size) ,to remove the bulk of the metal. Then you go to finer grits,usually about doubling the grit size each change (50,100,220,400).
From there you go to HT.
After HT, go back to 220 ,400, and finer if desired ,right on up to mirror polished.
The belts are of several types made for metal work. The cheapest are Aluminum Oxide (AO), then Silicon Carbide(SC), then Zirconium,Ceramic, and shaped grit ceramics, (and others). With belts, you get what you pay for.The cheap ones don't last as long and cut as well.Each grit type has its special use.Them there are the different backings.Light flexible cloth (J and JF), stiffer canvas (C and X), canvas resin bonded(XF), (and more).
http://klingspor.com/products/KlgprBlts.htm is a good source for almost any size and grit you want. The belts from HF and the lumber yard generally won't work.
Discs come in the same grits and several backings.
Let us know more of the details of the project and we can be more specific.
Stacy