Cratex wheels!!! I like the 1/4" wide by 1" size. Cratex is silicon carbide imbedded in rubber. They also have polishing wheels. I like the XF and medium grits.
Use 3/16 wheel arbors, not the 1/8" size for most steel and hard metal work. You can drill out the hole in abrasive wheels that come in 1/8" hole size.
Foot pedal along with a bench/wall mounted dial type speed control. Just plug the speed control between the foot pedal and the motor. This allows you to set a max speed and then control it with the foot pedal. Works very well with a power graver or graver/impact handpiece.
Carbide ball burr set. Only carbide will hold up for steel cutting and shaping
inverted cone burrs. Great for undercutting inlay pockets and such.
Cone burrs. Great for chamfering holes for rivets.
Impact handpiece (Or even better, the Foredom Power Graver). Peening pins and closing up pits.
H25 handpiece for heavy and long tasks. These are made to run all day long under heavy use.
H44 handpieces are also good. Takes up to 1/4" bits/burrs/drills.
Extra-long flexshaft. The extra length is very useful, allowing more movement of the handpiece on longer projects.
Regular flexshaft lubrication. It runs faster and wears less if greased every couple 100 hours of use.