I have one of those Walmart machetes.
The steel is soft, as is the steel of most machetes. The as-bought edge is non-existent, but 20 minutes or so with a mill bastard file will produce a basic edge.
I take the edge first to about a 40 degrees-included edge, then finishing with about a 50 degrees-included final taper. That provides a fairly good combination of a decent slicing edge with fair edge durability. That edge combo works nicely for rough-trimming hedges. The blade will hold up for trimming about 50' of English Privet hedge before touch-up is required.
Technically, that's a compound-taper, but performs the same as a 'convex' taper.
There's little point to further finishing the edge quality beyond file-finish quality. The steel is soft, so count on frequent touch-ups. Once the edge is formed, touch-ups take just a few minutes.
Hope this helps!