infi-del, that arbor will work just fine. i think the grit is 320. i think a 280 grit would work better when it comes to coating the wheels. it would also cut faster on harder steels.
According to Mike who makes the paper wheels, the grit supplied on (and with) the grit wheel is 180 grit silicon carbide, the same stuff used in most wet or dry abrasive paper/cloth for metal work. The 180 acts finer than it is because of the wax and the high velocity of the wheel rim.
Bill