How thin depends on the intended use and design of the knife. If it's a folder blade or a small slicer, take it down to about 30 thousandths and finish it as fine as you want. If it's a big chopper style blade take it down to 50 or 60 thousandths.
Pre heat treat finish depends on the final finish you're planning on. Since I don't polish my blades anymore, I take them thru 320 grit prior to heat treat and then clean them up afterwards with 320 and hand sand the flats with 360 grit paper and then put the final satin finish on with a fine scotchbrite belt. If you want to polish the blade you'll need to take it thru finer grits, say up thru 600. Then when you get the blade back go over it with a 600 grit belt and then work thru some finer belts, what ever you use.