It also depends on what grinder you're using. Is it pneumatic or electric? Pneumatics generally turn much faster and run around 25-30,000 RPMs. Wearas their electric counterparts are usually under 20,000. This affects the amount of material you can remove and the thickness of the material you can cut through. I use a 4.5" electric for general bench work. For serious work, such as cutting through angle iron or cutting sheet metal panles, I go for the air grinder. The air grinder is much quicker and there also tends to be a better variety with them. For example an angle grinder or almost any other configuration you can imagine. The air tool has no brushes to wear out so the tool itself will outlast an electric. However one down side is that for extended cutting they eat up a lot of air. You do want to keep them lubercated before and after use.
I've also found that the larger electric grinders are a problem in confined areas. The air grinders are usually more compact and are easy to use in tight spaces.
With the grinding wheels, there is no one wheel that will do everything our restoration projects demand. Generally, you need a good cutting wheel, sanding disc, and those flap wheels are excellent for paint removal although they don't last to long. When buying wheels you can go for quality or quanity. There are places you can buy a bunch of the wheels in bulk so to speak. Or you can get a good one and it should last longer. Be careful to match the weel to the RPM specs of the grinder you're using. Just because the arbor is correct dosen't mean the wheel is designed to run at 30,000 rpm.
Ivan is correct on the price Vs quality issue. Good quality tools such as Ingersoll-Rand, older Craftsman, Snap-On, Matco, exc. are worth their price. You get parts avialibility (I have a Craftsman 109 metal lathe from the 1950s and you can still order parts through them.) Also they have warrenty periods and real people you can talk to if you have access to a Snap-on or Matco rep.
You can try MSC Direct or McMaster-Carr they are an industrial suppliers who sells good quality stuff.
McMaster-Carr