YMMV
In my opinion, a hard stone of some sort is a better option in most cases. It is very difficult if not impossible to remove the burr using an edge trailing stroke, and edge leading on sandpaper doesn't seem to make a better edge than any other method while not being as durable. The main advantage sandpaper has is that its light-weight, can be wrapped around a curved surface for different edge types, and comes in large sizes. I use a series of bonded belts glued to wood to create extra large "stones" for sharpening machetes and feel the belt material is far superior to the average sheet of wet/dry. One of these days I'll buy a jumbo stone and stop using it for that as well.
That said, I've gotten very good results using wet/dry, but wouldn't feel too positive about building a guided system around it unless space and weight were very important to the design, or it was a powered unit.