Just to address rapid stock removal: I don't have lots of experience with this, but a 1x42 belt sander is supposed to be "the standard". The WSKO does a decent job with really coarse belts (60 grit ceramic), but it's slow by comparison to a real sander (I've been told).
By hand, I've never used anything faster than the DMT XXC. The Atoma 140 is supposed to be similar but "better" because of it's dot pattern and (supposedly) superior diamond bonding process. I have no experience with the Atoma myself.
I've been told from time to time that various water stones cut just as fast or faster than the XXC. I don't believe it based on my small experience. The Nubatama 150 doesn't cut as fast as the XXC and it's supposed to be a beast. It does cut and cuts most steel pretty well. But not like the diamond plates do.
Perhaps the best combination of speed of removal and low cost is something I've read about here: Buying large sanding belts, like 4" wide by whatever length you can find, and turning them into a long sanding strip by cutting them open. Then gluing or tacking them to a wooden or glass or stone base. The combination of the really coarse grits available, and the EXTREMELY large surface area are supposed to make short work of bigstock removal projects. Again, I haven't tried this myself; just read about it here.
Good luck.
Brian.