Warren,
I tend to agree that its not necessary to hit every grade of sandpaper. I usually go to 800 wet or dry. I think its 220, 400, 800 that I use but I'd have to look at the paper I have to be sure. I recall hearing before that you shouldn't more than double the grit of the paper or risk extended time required with each successive grit.
What wood do you typically work with? - that matters to the edge sharpness necessary. Also, do you sand before finishing or finish right off the plane? - that matters to the edge sharpness as well .