Wont a dremel draw the temper?
I do have one of the mastercraft knock-offs somewhere.....
Not if you keep the rpms low enough. Basically if the head starts to feel hot to the touch stop for a while and let it cool down.
A lot of people here have used large belt and drum sanders to reprofile/regrind knives and axes without any problems.
Just remember to take it slow and stop if the axe head gets hot.
Even if you want to stick with files the little drum sander can be great for polishing out scratches and blemishes.
The first axe i reprofiled was about 50% done with files and 50% dremel. The second one was done mostly (80%) with the dremel.
You should check on the price of the little sandpaper drums. The last time i bought a batch of dremel brand drum they were about 5-7$ per pack of 5.
Canadian tire also has those jobmate accessory packs with drums/cutting wheels etc.
They were on sale recently for around 12$, they had about 20 drums of various grits included and tonnes of other goodies included.
The jobmate drums don't last as long but they are substantially cheaper than dremel brand.
Remember to wear safety goggles as i have seen the cheap sandpaper drums occasionally disintegrate while spinning.
Basically using the dremel is faster and less strenuous than using the files.
And files aren't cheap either. I just about wore out two files reprofiling the first axe (it had an insanely thick cutting edge).
Thats ok though as i plan on trying the greenpete (youtube) method to make those worn files into knife blades!
Oh yeah a bench vise is great for holding the head while you are working on it.