I would definitely go 1/4" thick material, Full flat grind, convex edge and I would put my lanyard hole forward not at the back of the tang. Not sure what steel you are going to use but cpm3v is a nice choice and Peter's did an awesome job on the one I used on Knife or Death. I used 3/16" stock...
Kev,
This was ground with a 2"wheel. I think I would be nice to go a touch smaller but If I remeber right my 1" and 1.5" wheel may not stick out past my small wheel holder is the reason I did 2". Just something to keep in mind.