We've been using A&H Abrasives for a couple of years:
http://www.customsandingbelts.com/Bob Rast recommends Klinspor:
http://www.klingspor.com/I generally get the (least expensive) closed-coat aluminum oxide belts since I use each section for only a few of passes before shifting up or down on the belt.
I can't remember ever using a belt coarser than 80-grit on 1/4" and 3/16" runners, even for rounding over the ends.
I bought some 50 (or 36?) grit Zirconia Alumina (blue) belts for really bad runners or putting an edge on raw steel, but I don't think I've ever used them. Renegaders (3/8" runners) use coarser belts more often.
I am interested to hear what the real runner experts say about grits and sequencing.
Right now I typically use a 120 belt to touch up a runner and 80 grit (followed by 120) when I want to change the shape (or if there are
really bad nicks).
I have some finer belts (400 grit) that I got from Bob Rast with my sharpener that seemed to work nicely the one time I experimented with them. The problem I've had in the past is the splice starts to really affect the sharpening process in most belts when you get finer than 120. The 400 belt runs absolutely smoothly (like it didn't have a splice) and that is a big difference. I think the belt came from a local supplier in Waukesha (WI), but I can't remember the name Bob told me...