f350ca,
Nice find! If possible buy or make a dust collector hood and connect to a shop vac or dust collector. This will contain some of the mess and help keep grit out of other machines.
Dust covers on adjacent machines are a good idea.
Some pointers on operation: When mounting a wheel, ring it. That is hold your finger horizontal and parallel to the floor. Slide the grinding wheel on to your cantilevered finger and tap the OD side lightly with a screw driver handle.
It should ring like a bell. If a dull thud is heard it is cracked and should be discarded. Mount the wheel with paper rings on both sides.
To dress the wheel, place a diamond mounted in a steel block on a clean magnetic chuck. Turn the chuck on and check that it is secure. Position the diamond near wheel center off set slightly to the direction the sparks go.
With the spindle running, lower the wheel until you hear it just touch, quickly feed the diamond acrossed the wheel face. Lower the wheel .002 and repeat, until the wheel face is clean.
When grinding your work, bring the wheel down to just touch the highest spot. When you get the first spark move the work totally out from under the wheel and the side of the wheel near the edge of the work. Feed the wheel down .002 to .003 inches. Use approx. 1/4 of a turn on the traverse for feed. For rough work go deeper up to .005 with one turn of traverse. For fine finish work .0005 depth of cut and 1/8 turn of traverse.
That should get you started. For hardened tool steel, I like a wheel that is 60 grit aluminum oxide (white wheel) with an "H or I" bond. Do not use bench grinder wheels the results will be awful! After 1/3 of the original diameter is used, discard the wheel.
Keeping the work cool is important, spritzing water from a recycled bathroom cleaner bottle works.
After getting some experience and able to achieve an excellent surface finish, regrind the top of the magnet. Scribble over the top with a ink marker to aid in determining when it is cleaned up.
Avoid sliding work sideways to remove from the magnetic chuck. That will damage the chuck. Use a wrench or vise as a handle to break free of the residual magnetism after turning the chuck off, and lift vertically.
A large India stone is your friend. Before starting a setup, and after wiping the chuck, spritz some water and lightly rub the stone over the surface. If a high spot exists it will cause a noticeable drag and can be stoned off.
Enjoy your new machine!
Restorer