Danbo
110 V x 15 A = 1650 Watts = 2.02 hp
110 V x 20 A = 2200 Watts = 2.95 hp
With a typical 15 A houshold circuit, you will only be able to put 2 hp of electrical power into your motor. To get the full 3 hp from your motor, you would need to connect it to a 110 V, 20 A circuit or a 220 V, 10 A circuit. If you don't fully load your motor, it won't draw the full rated current (half load = 1.5 hp = 10 A at 110 V) and you won't have any problems running it from 110 V. Many of the other people that I have heard of building disk grinders have used motors rated at 1 hp or less quite sucessfully.
I have been collecting the parts to build a disk grinder for myself. My motor is also rated for 3500 RPM. I was going to mount the disk on a second shaft and drive it using a pair of step pulleys to reduce the speed. I have yet to price out the extra shaft, pulleys and bearings but I suspect that they would cost $50 to $100.
Phil