Here's some enlightenment and response to your questions on the SHARPENING GUIDE, 555204:
1. It's to be used with the FLAT DISC, NOT the conical, NOR with velcro fastening as the heat from the sharpening of the chisels will melt the velcro backing and it's not "stiff" enough for the force applied.
2. The sharpening guide comes with an expansion bar that attaches under it so it will fit into the miter t-slot. You can loosen the top thumb nuts to adjust the fixture back and forth whenever you find it necessary. I would recommend locking it securely in place for your sharpening requirements. Sharpen the chisels on the operator side and do NOT go past top dead center of the disc.
3. For initial sharpening of the chisels, I would recommend using the coarser 100-grit aluminum oxide, 555205 and after you have reached the desired angles, change the sandpaper to the 150-grit aluminum oxide, 555206 for the finish. As you use the 150-grit, it will become finer and give a better finish. Also, designate one disc for just your sharpening requirements. Makes it easier and faster. Note: the disc moves faster at the outer diameter. Adjust the speeds accordingly.
4. The CONICAL DISC is used for sharpening the planer/jointer knives with the use of knife sharpener, 555471. This fixture works very effectively for sharpening your planer/jointer knives to the correct angle without having to do any set-ups. Use it at the right side of the Mk V with the headstock moved far right. Use the stationary table and fence mounted on the right side, so you can stand at the end and stradle the legs to use both hands effectively.
5. The CONICAL DISC has OTHER uses, besides sharpening. If you want to sand the edges of your boards to get rid of jointer "ripples", set the table to the recommended 4 degree angle and adjust the fence to pass the board across the disc. It will leave no sanding marks and a true sharp corner. Check out page 54 in the 2006 SS catalog for reference.