For HSS grinding in my home workshop, toolbits say 3/16" to 3/8" and drills, I mostly use a 60 grit wheel. 80 grit would also be OK I'd think. The finish can always be improved with a slip-stone if necessary.
IIRC, my coarse wheel is 30 or 40 grit. It's used a lot less than the finer wheel, but useful for initial shaping.
No need to dry the steel after cooling.
Edited By Clive Brown 1 on 06/09/2021 15:58:55