As far as blades go, a machete is probably about one of the safest blades to buff as it has a tall flat blade surface.
The shorter the blade height, the more prone the buffer is to catching a blade by the spine.
Folders = a tool design made for chopping your finger off with a buffer.
I still recommend finding a belt for you belt sander that removes the burr. And still don't recommend the buffer. But, a buffer "With a compound" should remove the burr..... or at least "Move" the burr around. ???
But, again, I recommend sticking with a belt sander and NOT using a buffer.
One trick I have OFTEN used with my belt sander is to turn a used belt inside out and put compound on the inside of the belt. = cheap and convenient. It works pretty well and better than a buffer. But, the right belts are still best.
Unfortunately, if you belt sander is like mine and has a very rounded convexed wheel, your used belts get concaved when turned inside out.
Anyway, if you don't already have good quality compounds, the ones sold by the knife suppliers are probably best. I get mine from DLT.
If you have 320 or so grit paper, you don't need green on a belt sander. And you sure don't use black (to aggressive). Black and green are good for hand/manual stropping, but with 320 grit or finer and the speeds on a belt sander, I often just use white and call it a day (with a mirror edge that push cuts most anything. But, pink (finer than white) would be good to.
I have purchased compounds from other places, but I have been happiest (so far) with the compounds I purchased from DLT:
http://www.dlttradingcompany.com/advanced_search_result.php?keywords=compound&osCsid=64ec14e93d4584db1532ea647cba12d5
DLT doesn't have the pink anymore. But, it is around.
Not to mention I have seen some diamond pastes down to 1 micron, 0.5 micron, 0.25 micron and even 0.1 micron!
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For a 1"x30" belt sander, you can pick up a leather belt for about $14.95 here:
http://www.thewoodcraftshop.com/store/c/602-A-Power-ful-Way-to-Sharp-Tools-.html.
I have seen 1"x42" belts for $14.25 here:
http://trugrit.com/belts1.htm
Leather belts with compound (or even dry) are VERY good ways to remove the final burr and to polish the edge much more effective and much safer than a buffer.
Also, belt sanders spin at about half the speed of a buffer. So: Better control, safer, less heat build-up, etc.
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