I used a 4 X 36 grinder for a long time when I started. It kind of defeats the purpose a bit, but what I did, and how I have mine set up now for handle work, is.......
Remove the disk attachment (not that great anyway), take off the geared pulley that's on there and get a standard V-Belt pulley (I used a 2 inch one with a 1/2 inch bore).
Then get a 3/4 hp variable speed (220Volt DC) and controller (I got 3-4 of them on Ebay for around 100$ each with controllers). Use the frame of the original grinder to house the rollers, pulleys, belts etc..., and use the new motor to power the grinder. I just left the old motor in there as it would take longer to remove it and it didn't serve a purpose to do so. So now you'll have to have a little more room to have the external motor.
You'll need 2 small (2 inch or so will do fine) V-Belt pulleys with a 1/2' bore. That's the best way to do it. It requires a little leg work on your part, but controllers for AC motors rarely work well or last, and if you find one, it probably will be expensive and it will not give you full power (more like 2/3 power).
MT