ok. ditto on the bandsaw, get a good blade and a slow bandsaw. Grinders, I have a grizz, and with some fine tuning, works great for flat grinding, hollow grinding is more difficult due to the motor placement. 40 grit belts profile quick, as chang said, but get good belts, 3m 977 or the norton equivalent. Good belts make a woprld of difference. As for the 1x30, i used that same one, from central machinery, and still do. Nice for sharpening, the disc is nice for dovetailing boldters and handle material, jsut get some decent discs. as for the 1x30, it can grind, u can find ceramic nortons in McMaster Carr catalog for it, and they work great. Also, u can get fine belts, like 600 or 800 and use it to clean up flat grinds on knives. For profiling, a good hacksaw, bi metal blade, and a drill press work nice. Drill 1/8" holes with a cobalt 135 degree tip bit where u want to cut, and then cut the webbing...works fast.
As for admiral annealed stuff, its junk. The HRA 1084 and 1095 i have gotten from supply houses, which often comes from Admiral, IS NOT fully annealed. the outer sides are, but its hard as a rock inside. Sure, its cheap, but its a pain to drill or cut and kills bits and hacksaw blades.
grizz can run you around 300 plus shipping, but if u have a motor and some machining know how, u can order the grinding assembly w/o the motor for $150 i think, and mount it with pulleys for a VS grinder. Hope this helps!