Crazy idea(no, no, no, no, I haven't done this, but wondered what it would do):

How about taking a dremel and the real fine cotton buffing wheel/dremel tip thing that comes with it and use it on a broadhead to finely hone the blade. (But I would imagine at 12000 rpm's, the friction would cause a broadhead tip to get red hot in seconds).

Call me crazy, but I was wondering how this would work to finely hone a blade?