Your sander will not allow you to grind the very important rake angles so either use the bench grinder or purchase/build a belt machine suitable for tool grinding. A 2 X 72 is THE best option but there are cheaper ways to go.
This is the smallest one we know will work if you use ceramic belts, build a good tool rest and incorporate a ceramic platen liner.
@TerryH,
@Ken from ontario and
@BGHansen have them:
https://www.amazon.com/Palmgren-Bel...d=1532318076&sr=8-1&keywords=2x42+belt+sander
Another one that
@Aukai and
@darkzero have is the Jet 2 X 42. You can see it here:
https://www.hobby-machinist.com/threads/help-me-decide-on-a-1-x-42-belt-grinder.70410/
And then there are the 2 X 72 gang that
@ttabbal,
@Alan H,
@Z2V,
@ddickey and many others have. I'm in green envy mode every time one of them shows them off because this is the ultimate tool grinder as well as the most useful type for metal work in general.
The requirements a belt sander must have are a
good tool rest settable to precise angles that allows
unrestricted access to the belt on at least the right side and preferably also the left side of the belt;
a flat and long-wearing platen (ideally a ceramic glass platen liner) and
enough power to drive a belt when grinding tool steel. 1/3 HP is okay if you use ceramic belts, 1/2 HP is better and up to 2 or 3 HP is often used on the big 2 X 72's.
Finding a belt sander that can be set up for all of this is not that easy. I've looked at them for many years and the choices are few. Those listed above are known to work and which way you go depends on your budget. Keep in mind that
the vast majority of HSS tool grinding guys like and use bench grinders, not belt sanders, so you are not limited by the fact that you already have a very good Baldor grinder. Belt sanders for tool grinding are just easier to get good results with; since I need all the help I can get, this is the way I prefer to go.
PM the guys I pointed out above if you have questions. All of them have proven to be really helpful to everyone on the forum. I, too, will help if I can.