Most of the guys in our shop hate the fret crowning files, because they lack the control we are used to. We all have 10" mill bastard files (or whatever the really fine ones are) that have the edges "safed," i.e., we've ground the edges smooth and kind of rounded. That's what everybody in the shop uses, though I have to admit that I've been known to use one of the Stew-Mac diamond (actually, they don't make that one anymore, now that I think about it) crowning files for stainless steel, cause you can wear out a brand new file in one pass doing stainless. (We've got every fret crowning file ever made, `cause we buy tools like a wino buys wine, but most of the guys in the shop have never really liked them).
For leveling, we use some old 14" mill bastard files epoxied into some wood block (which act as handles) that we've been using for this for about 30 years now. They're kind of dull, but that's actually kind of nice when you just want to take off a bit. Their easier to control. Frank Ford uses an old Stanley #6 plane with the blade and handles removed, and uses a piece of sand paper. But you should also note that Frank doesn't do fret dressing any more, because he finds that he is good enough at driving frets evenly that he can get away with just a light leveling and then rounding and shaping with just sandpaper, which takes less time for him (and so costs less money) than just a fret dress. Our shop manager CAN do that, but feels it leaves the frets flatter than he would like, so he almost never does. There is pretty much zero chance that you are that good (I'm sure not), so you will need to dress the frets. We've also got some of the Stew Mac fret leveling files, but they are just too damned agressive unless you need to take of a whole hell of a lot of material.
My dressing essential tools are: my Starret straight edge, our old leveling files, my "safed" mill bastard file, a New York City Subway card (the best fingerboard protector you'll ever try - we've got an old employee and friend who sends us stacks of them every year or two - works MUCH better than masking tape or those metal protectors that Stew-Mac sells), The old Stew Mac diamond crowning file (mostly just for rounding the ends of the frets, unless I'm working on stainless steel), successive grits of sand paper from 60 or 100 (depending on if I'm fretting a guitar for the first time, or just dressing it) to 2000, and OOOO steel wool. And I work the fingerboard with every one of those grits at the end of the process, 60, 100, 150, 180, 220, 320, 400, 600, 1000, 1200, 1500, 2000. It makes for a much better job.
But a fret dress in my shop is only about $150, and we are an expensive shop. I'd still recomend you take it to a pro, even if you only paid $200 for your guitar. Think of it this way, you've basically played the value out of the guitar, and now it's not really got any value because it is not really playable. If you spend $150, it's back to being worth $200. That's a winner, in my book. If your goal is to have a guitar to play, take it to a pro, if your goal is to learn how to do fret work, than go for it. You will find it is more difficult than it seems.
Light
"Cowards can never be moral."
M.K. Gandhi