Knives are made with hacksaws and files. They are made with all sorts of equipment, or lack of equipment. You can make a knife with the machine you have in mind.
Having said that, I would recomend getting the best grinder you can. I Got a square Wheel grinder 24 years ago and have never regretted it. I mowed yards after I got off work to save up the money. My Square Wheel grinder has paid for it's self many times over, and I now have five 2X72 belt grinders, and a shop full of equipment bought and paid for by knives made on that original square wheel grinder.
Square Wheel, Bader, BurKing, HardCore, and the grinder Rob Frink sells are all top notch. They will save time, and depending on the operator do a better job. You will also enjoy it a lot more with a top of the line grinder. The down side is they cost a lot. But then as someone has said, "Buy quality and only cry once."
Cheaper models are the Coote, and Grizzley sells one that many knifemakers use.
Lots of guys make their own.
I use my grinders for lots of jobs besides knifemaking. I sometimes wonder how others get along with out one of these large belt grinders.
Good luck.