The disc itself isn't all that hard. You could drill and chuck a 9X9" sheet of 1/4 plate in your lathe, but since a lot of people don't have a lathe, here's another way.
Drill a hole on the center of a plate. take a 1X12" pine board about 14" long and drill it for a pin the same size as the hole in the plate. Put the plate on the stud.
Replace the blade in your table saw with a metal cutting blade.
Adjust the fence so the blade is touching the side of the plate.
Back the board up and turn the plate so the Blade will cut a corner off. Cut it off and do another corner and so on.
When the thing looks round you should be able to spin it next to the blade with very little contact.
Countersink the hole in the plate and mount a flat head screw with a rod coupling on the bottom. You don't need much screw inside the coupling. Weld or solder the coupling to the plate and drill it to the shaft size of the motor. Drill and tap the side of the coupling for a set screw and file a flat shim to go on the shaft flat.
Mount it and use a file to dress the edges.
I have not used the magnetic sheets yet. I read an article about one knifemaker who was using them and he just used Ben Franklin sheets. The grinder will have to be pretty slow or I expect you will get some UFO"s
