If the concern is how durable the collar will be, I'm not sure that grading and understitching make a lot of difference to that.
If the seams are fragile, the most likely place to show it first will be the collar/lapel seams. Sewing in a fine, narrow cotton tape (the sort used in tailoring a jacket lapels, called stay tape) when you put together the collar and lapels will help take the strain on this seam and preserve your fabric. I wouldn't overlock as it will add quite a lot of bulk, but if it frays really badly, used a hand stitch to overcast the seam. By the time you've fiddled around with an overlocker to try and get it right, it will be just as quick and effective but with far less bulk. You can also do it after grading or whenever you choose to do it.