JW, with all due respect, my draw knife handles are parallel to the flat side of the blade, and it absolutely doesn't work well bevel side up, but works wonderfully well with the bevel down. I think you have to try it both ways and see what works for you. As for sharpness, I prefer to keep mine as sharp as possible, but I have seen some people who like to debark and somehow chase a ring with a dullish blade. When I chase a ring, I remove the late wood with my draw knife and take off the soft early wood with a cabinet scraper.