Grinding dust will eat a lathe or a mill. Make quite sure you have everything very well protected from the grit, and clean everything up spotlessly clean after grinding. Do not use woven cloth, the grit will go right through them. Lately I have been using old newspapers, wetted with a spray bottle, to cover the ways, cross slide, and compound rest. Work at keeping grit out of the air while grinding near machines, too. Many lathe operators will not allow a grinder near a lathe. I do not go quite that far, but do not do it often, and take proper precautions when I do. The really smart thing to do is to have a "grit room" where all grinding takes place, completely closed off from the rest of the shop. Sadly, most of us are unable to arrange for that. Regardless, do the best that you can. Even things like floor to ceiling plastic curtains around a grinding area can help a lot.