It's been a while since I started this thread, but as my last post says, I bought the grader type blade. I have used it a couple times so far to mixed results. The biggest problem is there are no rippers. My driveway is extremely compacted with little loose stone on the surface, and without rippers, the blades will only loosen a little bit of the stone per pass. This means to get rid of the potholes (actually just filling them in with loose gravel) takes quite a few passes. The first time I made about 20 passes up and down the drive before I could say it was "improved". Since this is a homemade grader, I wasn't really expecting much cutting capability compared to the commercial units. I'm guessing the commercial offerings would have slightly more cutting capability, but would still not be adequate for my concrete-like driveway. Overall I'd say it is pretty good at smoothing loose stones, plus it does pretty good pulling the stone away from the edges and into the middle of the drive.
I'm still convinced that to actually "fix" my drive will require something that will completely loosen the top 3"-4" of gravel, then I can smooth and shape it with this grader or my back blade.