Everybody has a different preference for belt speed, I would say the range is somewhere from 3,500-6,000 ft/min. With a 4" wheel, the rpm are roughly equal to the speed in ft/min (π4"≅1ft).
I have no personal experience with treadmill motors, but every time I have seen them discussed for grinder use I came away with the conclusion that they are not well suited for this purpose. YMMV.