if you are going to make and use this sort of thing often, I suggest getting a cheap Crocker-style graver sharpening fixture. You can get one for very little, and they work with stones or with sandpaper glued to glass.
Geometry really is everything with gravers, as said above. I personally can't hold a graver flat enough, or consistently enough, to get a good geometry and good sharpening. The sharpening fixture will take care of that for you (it did for me). Also, get a magnavisor or some other sort of magnification that you will use for sharpening and engraving.
This is the jig I have
http://www.amazon.com/Crocker-Grave...=8-1&keywords=crocker-style+graver+sharpening
once you get the geometry right, having the ability for simple engraving is really nice.
I also have a magnagraver I got from ebay. It drives the gravers with control, sort of like a grs, but less expensive. It is driven by a low-speed, high-torque Foredom flex shaft. I prefer to the grs because of cost and utility. I got the ngraver and foredom for less than $500 total, and I can engrave and also drive all of my burrs and discs and all that. It isn't as precise as the Lindsey air-powered engraving tools, but it is a huge step above tappy-tappy. Just a thought, if you really enjoy it.
Hope this helps, and is not just a ramble. The sharpening fixture is a big, big, big help.