Josh, et al:
Regarding the different grades of grinding wheels can be very confusing.
It's been so long since I've dealt with odering and using them I've forgotten so much.
If you know absolutely nothing about them it would be a good idea to see if there's any info on Simond's, DoAll's, Carborundum or other abrasive manufacturer's websites.
Two things to remember is that the coarser the grit the heavier the scratch and the harder the wheel the more apt it is to burn the steel quickly.
Believe it or not you can get a pretty nice finish with a 45 grit wheel with say a "D" hardness. However you can't crowd it or it will degrade pretty quick.
The harder wheels, say a "J" hardness will hold their integrity better but can also load up rather quickly and need to be dressed more often.
There are a few dressing sticks of differing grits themselves and the finer the grit the finer the finish on the wheel and the work.
There's, I think it's a Boron, dressing stick that will leave an ultra smooth finish, but the average home crafter really doesn't need one of these.
I had one at work to dress the corners off the wheels to a small super smooth radius.
IMO it's better to buy qualty wheels from good manufacturers than to mess with Sears and the like as you can get more selection.
You can find the results of a search on Google
here