We're pretty conscientious around here because many of us know folks who have given themselves health problems doing stuff like this. Some things can hurt you the rest of your life with a one time exposure (think a good dose of asbestos). Other things like zinc fumes can make you think you're gonna die, but the effects are temporary unless done daily.
Grinding steel and sanding wood turns your boogers black and release dust that isn't good for your lungs. The finer dust partials go deep and tear up tissue, and sometimes gets stuck there a long term.
These are serious concerns for someone who grinds steels for hours at a time, day after day, year after year. But Jo Blow home owner isn't going to die from sharpening his lawn mower blades every spring without a mask.
If you'll use a P95 dust mask (drywall section at Lowes) you'll be fine. A "nuisance mask" doesn't stop any of the fine partials and is actually useless, but a P95 paper mask like folks use when sanding drywall mud will protect you from a one time exposure like this. I suggest doing it on your deck or porch, the weather is nice this time of year.