All,
A few thoughts here since some of you are rigging-up your own TPGs.
Be careful about RPMs. Wheels are rated for max RPM and should not be spun faster than that.
Tool post grinding spreads abrasive dust all over your machine -and it gets in all the nooks & crannies. The very stuff that's designed to remove metal will be evenly coated all over your ways etc. -Think about that.
Tool post grinding is similar to precision grinding and is intended to remove sub half-thou amounts of material. The same issues of wheel flatness, wheel balance and load-up apply. BTW, the horsepower needs are proportionately higher with TPG.
A TPG setup (bearings, mounting fixtures etc) needs to be just as precise as a precision grinder; thus, it will only work as good as the lathe ways and all other components allow.
-Not trying to discourage anyone but just wanted to pass along some safety thoughts and areas to consider as you dig in.
Ray