Jaegar, not to rain on your parade, but I'm pretty handy with tools, and have a good weldor and other metal working equipment. This is my opinion only, and I'm not an expert.........
When I finally decided to get a belt grinder, I decided to make my own. i make a lot of tools, and am capable. What I found though, was every single plan needed either a lath, milling machine, or used wooded contact wheels..
So, the frame, getting a motor, and all the rest is easy. What's not easy is making the wheels.......Now if you have some, no problem. If you know a guy that will cast and turn one, and press bearings, ok again. If you got to buy your own wheel, they run over $200 for the larger contact one alone. Add the cost of an idler wheel, and it's $300 or more plus time, steel, paint, bearings, etc.......Your "cheap" grinder is now $400 and may still not even work.
Me? I didn't have a lathe. Didn't want to be a machinist, I wanted to make blades........My solution was to buy a Coote grinder for $400, and add a new HF 1 HP Agriculture motor, 1850 rpm for another $90. With step pulleys, you can control the speed easily. So you got maybe $600 in the thing. You can sell it all day long for 70% of what you paid. If that's too rich for you, and it just might be, I'd buy a 1X24 at Sears and see what you can do with it. At least it will come in handy even if you do get a a nicer one later.....Just my opinion, and your mileage may vary.
Miike