I would suggest that you either buy or check out from your public library a book about electrical wiring basics. You will need to educate yourself a bit about electricity anyway if you plan to build your own VS grinder. Try to find a book that includes basic motor hookups.
Once you've read about and have a good understanding of these basics you will be able to figure out what you have, and what you need. If you don't want to do that (it's not that hard) I'd suggest picking the brain of some acquaintance who ACTUALLY knows what they're doing about your specific situation. (As opposed to the many guys out there who only SAY they know what they're doing!)
If you've got 220 for your dryer, already in that room, I'd advise that you don't shoot yourself in the foot by not taking advantage of it.
In the end, it's just a good thing to know a bit about wiring, anyway.