jdaniels
I use that grinder and only that grinder for the blade bevels. I also use it to profile, but follow that up with a disc/beltsander to get square edges around the handle and spine, a file would serve the same purpose only a little slower.
The 8" wheel is plenty big to do the whole blade. Its a really simple technique. Do you have any hollow ground knives? The bevel to the blade is slightly concave/dished in rather than a cross section like this \/ (flat grind) you get one more like this )( only its triangular instead of getting wider at the bottom.
I just rest the spine on the work rest, and slide the blade slowly from side to side working all the way from tip to ricasso back and forth. It should form a groove somewhat centered running the length of the blade. If you are careful you can feel the blade sit in this groove. Just ride the groove back and forth and as it gets wider you can adjust the amount of pressure you apply towards the cutting edge or spine to adjust the angle and width of the bevel, switch sides fairly often to keep them even. Its hard to explain. If you spend some time at the grinder it will probably come to you all at once and make sense.
That grinder costs about $100. Its a quality machine but not the best I've run (thats why Baldors cost $400!). The half horsepower motor has plenty of power but gets pretty hot after an hour or so. It ran rough as hell when I got it, but the wheels just needed trued up. It comes with a stone dresser so thats no problem at all. I'd recommend it to anyone looking for a grinder in that price range.