If you're looking to do fret work on a regular basis, then here is what I would recommend.
- Fret Press (buy the Stewmac one or make your own....) with the necessary arbors that are curved to the same radius as your fingerboard. I prefer pressing the frets in vs. pounding them in with a hammer, espcially for the stabilzed fingerboards which can be a slight bit more susceptible to chipping than a non-stabilized fingerboard
- Fretboard levelling block. The long flat bar that you use for levelling the fingerboard and then the frets after pressing them in
- Radius sanding blocks. I use these after the flat levelling block above on both the fingerboard and the frets themselves.
- A bevelling file. Used for the ends of the frets after installation. Again, buy one or make your own.
- A small "V" shaped need file. I run it lightly across each fret slot just a bit to put a bit of a bevel on the top of each fret slot. This helps when pressing the frets in, and will greatly help to prevent tear out several years down the road when the instrumnet needs to be refretted, or if you goof up putting a fret in and need to pull it right back out and replace it (it does happen every now and then even to the best of us)
- Fret cutters, fret pullers, and the little tool that StewMac sells for bending frets by hand. I use the hand bender to pre-bend the ends of the frets over a bit to help keep them from popping up when pressing or hammering them in.
- That goofy little file for rounding over then sharp ends of the frets.
- Tube of superglue. Yeup, superglue. After all the frets are in, run a small drop of superglue in the end of each fret slot from both sides. It will wick down into the slot and fill in the majority of small gaps between the fret and the slot. Many feel that this also helps with sustain and overall sound (read books by Dan Erlewine, Rick Turner, and others on this.). This also greatly helps prevent frets from popping out in the future (very soon after putting them in or years down the road...). In the future refretting is simply accomplished by heating each fret with a soldering iron before pulling to loosen the superglue
I don't use a special polishing tool for each individual fret, I prefer to polish by starting out with the flat levelling block and something around 150 grit adhesive sandpaper. I'll then follow up with the flat sanding block with 240, then I'll switch over to the radius sanding block with 240 grit, and slowly work my way all the way up to 2000 grit wet/dry paper. I find that this polishes them up very nicely and ensures a nice, uniform "plane" along the top of the frets for no buzzing at low action, etc.
When doing all the polishing and sanding of the frets, I cover the fingerboard with two layers of masking tape to keep from scratching it. Also, using a sharpie or other type of marker, color the top of all the frets between each step so you can see where you're taking off metal and where you're not. This will help identify where there might be high and low areas.
:^)~