The Tormek will do the bevel - but not the back of the chisel or plane iron. You "can" use the sides of the wheel to "flatten" - but it doesn't do a very good job of it. The One Wheel Does Both Coarse and Fine thing is a bit deceptive. They say it'll go to the equivalent of 220 grit but it'll actually go finer - if you don't use the coarse/fine "stone" on the wheel. The leather stop wheel I got wasn't flat - or round. Tormek recomends taking a file to it to make it flat and round but I never was able to get mine either flat or round. Their "accessory" carving strop seems to work better when I use it's flat side to polish with. But both leather "strops" are too soft for my liking - and can round the edge because of their give. If I want sharp and shiny I use a flat, smooth piece of shoe leather - sole leather - and some aluminum or titanium oxide. The leather has almost no "give" to it so it's harder - though not impossible - to round my sharp edge.
As noted by another responder, you can get a Japanese Waterstone for the Tormek. But since it's the slurry that makes them work best, and since the Tormek's wheel runs through a water bath on each revolution, I'm not sure how much slury stays on the wheel. And, as you know, Japanese Waterstones need to be flattened often as the finer ones wear pretty quickly. While Tormek's diamond dressing tool sort of works on the regular wheel, I don't know how they dress the japanese waterstone wheel. I don't think I'd want to use a diamond dressing tool on a japanese water stone. Keeping the wheel flat - AND parallel to the jig support arm is critical to wheel sharpeners/grinders.
For smaller (under 1 1/2" width) flat chisels and plane irons there's the Lap-Sharp (tm) which is the heavy duty, precision high end lapping disk system. Definitely pricey.
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's less expensive, not as heavy duty nor as precise clone is the WorkSharp which will also handle turning and carving gouges and chisels using slotted disks with the abrassive on the bottom. That lets you sharpen from below while seeing through the disk. Lets you see what you're doing - as you do it rather than the grind-chek-grind-check method.
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will do the bevel AND the back. The guy who invented the Lap-Sharp (tm) is a precision phreak and carries a little 100x pocket microscope with him to show customers the difference between "shave hairs off your arm" sharp and a truly sharp - polished to a mirror finish - cutting edge.
The "consumables" for these lapping disk set ups is a potential issue. The Lap-Sharp (tm) uses some pretty high end 3M abrassives which, because they're "single source", are not cheap. The WorkSharp can use any PSA abrassive 6" disks.
But, given your described uses, I supect that the japanese waterstones you have and know how to use are your best bet.
Here's some stuff I put together on my WorkSharp
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