1) I bought almost every belt in between 60MX and 1200MX, and the regular 12000 AO belt on top of that. However, if you're only after a sharp edge and not a mirror polished edge, I believe you can make do with just the 60MX, 240MX, 320MX, and 12000 AO belts. That grit progression should leave you with a hair popping edge with no problem. I would recommend a minimum of 5 each due to the fact that some might come botched and separate within a week or so. Thus far I'm using my current set for 2 months with no issues.
2) Look at this chart for reference:
http://micro-surface.com/index.php?main_page=page&id=16
If you look at the P220 belt and its equivalent grit size and compare it to the 60MX, you'll notice that the included Work Sharp belts are more coarse than the coarsest grit micro-mesh belts. Thus why I recommend aftermarket belts to avoid eating up your blade whenever you want to raise a burr.
I'd also recommend a wood or felt block to remove the burr after the 320MX belt. For 600MX/6000AO and up the belts should no longer raise a burr, though they can still push the burr from side to side rather than taking it off.