That tool is pretty cheap, but it'll have to do. 2 degrees bevel on the side (or 88 in your case) is fine for most people, but I recommend 1 degree on the bottom. FYI, you should only really need to set the base bevel one or twice per year. You only really need to the hit the side edge for daily/weekly tunings. Dimaond stone is fine. I do 3 (sometimes 4) degrees on the side for really slicing through ice, but it also requires a lot more maintenance.