When I first started making knife many years ago I built my first grinder from an old craftsman arbor and a very old 1/2 hp GE motor I got at a rummage sale for $10.00.I set it up with a pulley system so I could have 3 different speed settings from about a 1000 rpm to about 3600 rpm making sure not to exceed the rpm rating on the grinding wheels.I used 6"x1" stone wheels on it in 2 different grits 36 and 180 grit,after the initial grinding I used a fine grey 6" scotch bright wheel for the final finish.Some of the problem I had was my grinding wheels would eventually shrink to about 5" inches in diameter and not always at the same rate as the other grit wheel or the scotch bright wheel,and the edges of the wheels seem to round off quicker on the 36 grit wheels,and they would seem to get egg shaped after awhile.The other thing I noticed was the blades seem to have a speckled look to them like some of the grit from the grinding stones was getting embedded in the hollows of the blade,I've heard this from other knife makers as well.I think I could get about 8 to 10 blades out of a set of stone wheels including all the profiling work I did with them as well,the scotch bright wheels seem to last quite a bit longer.I think I made about 50 or so knives with that system and then had enough of it and I bought a Burr King 960-272 with 1.5 hp variable speed motor.The old Craftsman grinder is now a variable speed buffer.Yes it can be done but it just isn't practical in the sense that I was so limited in a the amount of different variety of abrasives that the grinding stones had verses what you can get with a modern belt grinder that it would never allow me to ever do quality work I want to do.Sorry about the long winded post,but I guess my advice would be use the grinder you have for now but save up and buy a good belt grinder as soon as you can,once you start using a belt grinder you'll know how ever could have lived without it.