Regarding sandpaper, the coarser grit (220/320/400 or so) might get used a little faster. They will do most of the initial grunt work, in removing most of the metal. But you won't need it nearly as often. I'm finding that once the bevel is set, using the coarse grits, the medium and finer grits (600 thru 2000) last a good long while for periodic maintenance. In fact, almost all of the touch-ups I've been doing (when stropping isn't quite enough) have been done with 1000/2000 grit. So far, over the last several months, I've used 2 pieces of each of those (cut to size, to fit my strop block), each piece consisting of less than 1/3 of a sheet. I'm also finding that the finer grits seem to get a little better with some use, in the polish they leave behind.
I used to assume it'd get used up quick. But I don't really believe that now, based on what I've done so far. I stocked up early on wet/dry (5 sheets per grit, in 220 up through 2000, at about $1 per sheet), and I've convexed at least 10 to 15 knives so far. At the rate I'm going, it'll take at least a few years to use all that paper up.
Don't rule it out based upon the assumption that it'll get used up quick. The wet/dry sandpaper is quite a bit more durable than most would think. It'll surprise you.
By the way, when the paper gets 'clogged' with metal fines, it's very easy to just wipe it off with a damp sponge or paper towel. You can even rinse it, under running water, if you wish.