It seems like its made for woodworking tools, I suppose to lessen the tendency to overheat tools, drawing the temper; one thing to consider, for lathe bits, is that the speed of grinding may be significantly less than a full speed grinder of the same wheel size capacity. Given the same wheels possibly being used on either grinder, slower speed makes a wheel seem of a softer grade, that is breaking down faster than when running slower, that will make a wheel cut better and cooler, at the expense of wheel life. I have a Delta pedestal grinder that I bought perhaps 25 years ago, it still has the same white wheels on it that it came (used) with. Without knowing what grade (hardness) of the wheels, it is not possible to say which is best for lathe bits, but my guess is that the high speed motor with a correct grade of wheel is best for the machine shop, the low speed unit being best for woodworking tools.
It is heart warming for me to read a person's post who is contemplating grinding HSS tool bits, with most singing the praises of carbide inserts; they both have their place, but aspiring amateurs should learn how to grind all sorts of HSS tools, especially for hobby use.
Bottom line, a wheel that is selected to sharpen high carbon steel tools may not be the best choice for HSS.