Its difficult to say. I would probably cut most out with a re-enforced cut off disc rather than grinding it all away, but then I use a bench grinder for that anyway.
The grinding wheels will last a good long time - again if you dont force them and generally I would say you get a little more leeway so for as slippage goes with them, in other words youre less likely to completely mess up your work with the grinding wheel.
On the dremel web site they have a video that shows using two of the brown cut of discs simultaneously for extra strength, however for shaping im pretty sure it's not necessary.
You also get more of the brown discs for the money, i think you can buy a small tube with 30+ in there and they will give a nice fine cut, but as I say the grinding wheels are a lot fatter and last a long time. You can kind of use the corner to grind sideways a bit as well which is a total no no with the cut offs.
It shouldn't cost too much to get some grinding wheels and some brown cut off discs, you could also just get 1 or 2 of the re-enforced cut off discs and experiment with them to see which works best for you.
If i've waffled and not made much sense it's because I need some sleep
Easy now.