The highest purity of Ti (grade6?) is used as medical implants for bones and joints...
so i don't expect that it is highly toxic.
The one risk/precaution to be aware of that i know, is polarized lenses for ultraviolet eye protection during grinding, as the sparks emit UV rays (think sun damage).
They don't have to be shaded lenses. Even clear lenses can be polarized. Being a user of corrective lenses, i made sure that i ordered my shop glasses with polarized lenses.
Like a lot of metals, the fines from sanding can be flamable. Do not use water or CO2 extinguishers to fight the fire.
It will only feed that flame. (similar to many metal fires-mangesium & aluminum...)
Special fire extinguisher media are available - or you could keep a bucket of sand handy.
Many makers place a bucket of water with a touch of soap below the grinder to catch the fines.
Of course that being said, proper lung protection against fine particulate dust can never be a bad thing.
http://www.acialloys.com/msds/ti.html
Steve