The duty cycle on a belt grinder is actually very low. Yes, there are moments of high torque demands with hi current draws, but this is usually temporary and lasts for only short period..say 10-20 seconds. Most of the othertimes, the grinder is under very low loads or coasting. So, your motor shouldn't get too hot. It's hard to quantify "hot" but it certainly sounds like yours is too hot. These motors have a built in thermal protection breaker which makes them nearly indestructable. But it only works properly if the wiring is proper.
I agree with the suggestions posted. Check wiring, voltage...and even current with a clamp-on amp meter.
Unlikely, but not impossible, there might be a problem with the motor. If you bought it from Beaumont Metal Works, Inc you have a 2 year, unconditional warranty. If the motor is damaged for ANY reason within 2 years, you can get a replacement. Yes, even if it was wired incorrectly, abused, damaged in shipping... or whatever.
Good luck,
-Rob