If you are good with building things and scrounging parts, the GIB will be cheaper and you will have the fun of building it. Both aspects which worked out well for me, since I did not have the scratch for a KMG anyway. If I did, I'd probably have bought the KMG.
I'm good at finding motors and wheels. With a little modification or none if you're lucky, you can get most of your own parts together and cut cost a LOT from what it would be if you bought everything new or from the normal channels.
If you have access to a shop with a metal lathe, you can turn your own wheels (except for the contacts) I did, even buying the stock and bearings new you save.
In many areas, surplus or used 3 phase motors can be had free or for a song if you look. Many industrial machines will have them, people either never use the machine or they swap out for a 1 phase motor since almost no one will have 3 phase service residentially. I got a 3phase 2hp. Leeson, c-face mount, 1725 rpm, used in nice shape for $75 off of Ebay recently.
I used a Teco FM50 VFD on my grinder, actually it now powers two grinders, a 3hp and a 2hp. It's very good with some precautions, and costs less than the KBAC that many use.
I should say that I did not buy a GIB, I used the plans with modification to fab mine. But the principle is the same, for some the option to build instead of buy is the more feasible way to go, not to mention enjoyable.
Edited to add: thanks for posting that, fluidsteel. And right as I was typing... I love belt grinders, if I was rich, I would have an immense grinding room with 2 or 3 examples of all types, including some Euro brands. It would be a shrine to belt grinding, except all would be welcome, nay compelled, to make dust in there.