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My first grinder was a Sears 2 X 42 combo (8"disc). Yep, it's FAST and I found I did not care for it all that much. Fought with it for awhile then broke down and bought a KMG.
After getting my KMG I tore the Sears down, discarded the factory motor and mounted the 2 X 42 frame to a 1 HP DC motor. I also added and extention arm to the frame so that I could run 2 X 72 belts and fixed a small wheel grinding (KMG) set up to it. The 8" disc grinder was also mounted to a 1 HP DC motor.
If I were to use the belt grinder for general knife grinding (not just small wheel work) it would need to be at least a 1 1/2 HP motor.
If I hadn't already had the DC motors and drives, it would have been pretty darned expensive (3 phase motor and controller would be cheaper). But the basic mod to run 2 X 72 belts is really quite simple and not very expensive.
The variable speed set up is, to me, essential and well worth the cost.
Just my $.02
-Mike-