When I did my deck and transom, I settled on a 90 degree hand die grinder with Roloc style 3 inch disks. 36 grit disks are my favorite. I'd like to try 24. I went to this because these disks are made for grinding steel. They can run at twenty thousand rpm which is nice. They last way longer than anything I found for my electric 90 degree sander type grinder. The disks never fold or deteriorate, they just wear down over quite a long time. 20 bucks for the grinder at harbor freight and the disks and arbor can be gotten there too. I can't speak for the rolocs that are at harbor freight, I use scotch rolocs. I also use this setup for hand shaping any wood curves or whatever as it makes quick work of it.
Having said that, I can understand why other folks have different choices for different reasons. My air compressor is a 4 horse craftsman, belt driven. When I was really getting into heavy grinding however, I used my service truck air compressor which is hydraulically driven by the propulsion engine of the vehicle so this is the drawback to using air grinders like the other gentleman said.