Well, I've had a cup of coffee so I'll take a shot at it.
First, yes you can profile blades on a bench grinder, and even grind your bevels if you're so inclined. What's recommended though is a 2X72 belt grinder.
Second, useful machines in this size range from homebuilt for a couple hundred bucks to $400 - $3000 for commercial machines. The best recommendation one could make to someone serious about knifemaking would be a KMG from
Beaumont Metal Works. Check it out.
Finally, Hollow Ground means the part of the blade tapering to the edge is concave. Flat Ground means just what it sounds like, the bevels are flat to the edge. A Scandi grind is flat ground also but for only about 1/3 or 2/5 of the width of the blade, and the blade has a distinct shape. Roger Linger has kind of specialized in these blades for a while.
You didn't ask but I'm going to make my standard tool pitch here. For knifemaking you will be best served (this is my opinion) by purchasing the following tools as soon as you can: belt grinder ($400), drill press ($60), metal cutting band saw ($160). And of course the assortment of belts, wet or dry paper, files, bits, steel, handle material, etc that you'll think never ends.
Others will jump in too, this is just my take on it. I made my first few knives on a bench grinder, tried a less expensive belt grinder next and didn't start getting results until I broke down and got a good belt grinder.