Hello Mossagatemac,
Welcome to the forum !!
There are a lot of variations to answering your question. When my father purchased his Highland Park B 12 it came with two carborundum wheels, a 3" x 8" flapper sander, a muslin buff and a leather buff. This unit also comes with a 10" trim saw. It was every thing he and I needed to cut small rocks to slabs, pre-trim, ruff grind, moderate grind and final shape before polishing. We were happy with the results and I would offer that the girls at school that I gave pendants to were also thrilled

The lapidary has a lot more choices these days and most allow us to get to the end result faster however costs are higher for that privilege. There is another element that many of us face as we dig deeper into our craft....we can never have enough wheels.....I purchased a few diamond grinding wheels for my beginning shaping, both 80 grit from Covington. Their standard diamond wheel is my main go to wheel to start. If I have an exceptionally hard stone I use their 80 grit sintered. The sintered is a hard cutting wheel and can tend to tear and chip so I don't use it much.
I then use a 200 grit standard diamond to get some of the deeper scratches out and minimize the facets. Then on to a 3" x 8" expando wheel. For me this is where is all happens. One wheel with sandpaper between 80 grit and 800 grit. I'm using silicon carbide belts. I recently purchased a single 100 grit diamond belt which will last much longer but at a price.
Next up is a 1,200 grit diamond resin wheel then a 3000 resin wheel. At this point most stones are smooth and fair and have a pretty reasonable gloss. Polishing is next up on a muslin buff with cerium oxide or a leather disc depending on the stone.
If I had a wish list it would be MORE WHEELS !
You can get by with just a few wheels. If you had an 80 grit standard diamond and an expando you could get a good beginning, get lot done and then lust for MORE WHEELS....
Cheers
Kent