Depends, it's not just a diaper...
What grinder are you planning to put it on?
direct drive, step pulleys, vfd ?
You can make any RPM work with changes to pulleys and drive wheel sizes
I do have comments about your 3 hp though.
Some use a 3 HP, but for the most part they are using it on big blades to tang taper, or remove scale..and are FT makers who count lost seconds as lost dollars.
It depends on your situation, for the average user, even if the motor is free, the additional costs of running heavier wiring and breakers to handle that power are much more than going to a smaller motor and cheaper wiring for a 1.5 or 2 hp motor.
Especially when you are using pulleys to slow a grinder down, like the KMG or NWG you are setting up the ratio for lower speed and greater torque.
I started with a single speed 1 HP and I don't think I ever bogged it let alone stalled it.
With sharp 60 grit belts, steel just evaporates.