Well I'll toss in my 2 cents here, seeing that I am a qualified electrician. To keep it simple, go with the 110/115VAC hookup, you need to make sure your wiring from the breaker to the receptacle is at least #12, preferably #10 awg due to the amp draw. The wiring of the motor is the simple part, there should be a diagram on the motor itself that says low voltage/ high voltage, each wire will have an identifier printed on it, or in the case of higher end motors have a small tag, follow the connection diagram on the motor and you will be fine. I would strongly suggest installing a GFCI breaker in the panel to give you some protection while using your grinder, it is not only smart, it will bring that circuit up to code.
If you do decide to go with 220V, and intend to use the existing circuit wiring, make 100% certain that there is nothing else running on that circuit, ie. lights in the garage, etc. I would also recommend using a 2 pole switch rated for 220v, or a small contactor to turn the grinder on and off. Shoot, make your electrician friend a nice knife and let him do the grunt work for you, if I was in Wa. instead of La. I'd swap some electrical work for a nice blade...