I use a wet wheel. Not the tormek, but the cheap knockoff from
Grizzly. the only downside to that one is its cheapness. Had to dress
the wheel to make it round, and the bearings may be giving out (after
several years) So it was a good purchase. If the Tormek lasts for
30-40 years, it may be cheaper to buy the expensive one, but I doubt
it. The edge is great, and I love it, but if it needs serious
grinding, start with a real grinder.

I find it is most useful for the small bits that go in multi tip tools
and ring & hook tools where you can't afford to grind away a lot of
metal. For regular scrapers and gouges, I don't use it as much for
them, but use a faster dry wheel.