Hi Friend,
As far as getting a sense of the sizes and why, its similar to stone grinding wheels. You can move more metal with an 8" grinding stone than a six inch one. The difference in diameter translates into a larger or narrow slice of the wheel's arc you are pushing your stock into. The bigger the wheel the more spread out the arc, thus more surface is ground upon contact. The narrow the wheel the more curved the arc, thus the grind area has a "steeper" curve. This has a good deal of import to hollow grinding and how far up on the blade's side toward the spine the grind reaches. A lot of folks go with real small diameter contact wheels for handle work: 4", 2" and even 1" or less. that way the can get all those sexy curves and finger grips, etc.
Some folks say get the biggest you can afford. Others, that they use the 8" wheel the most. To me the 10" wheel crowds the Coote. It fits, but it snug. It seems to just barely fit in it. Good luck, Phil