@rabler :
I do so agree, which is why I said there was no need to attempt a grand changeover.
Usually, the 240V is a a bit special, only routed to stuff like cookers, or maybe higher other energy stuff. It probably needs that one has to run in a separate special 240V line to the shop, to a socket or two.
1 HP is probably OK for grinding. It may just take a bit longer, and maybe that's a good thing. Going fast with a big belt in a huge shower of sparks does make things real hot, and needs a surer touch to avoid mistakes.