I have seen some. They were designed to be used with line shafts.
More than likely they are Babbit bearings. The question is what alloy is it? Babbit can be ran at 100-1000 surface ft/min speeds depending on the alloy.
If we assume the arbor shaft diameter in the bearing block is 5/8 diameter then at 3600 rpm (what many modern bench grinders turn) the sfpm is about 530 ft/min Without knowing the alloy I would not use that speed. Without wheel guarding I would not use that speed with grinding wheels.
Many people have been maimed or killed by exploding wheels which is why guarding is now mandatory on machines with stone and vitrified wheels.
If you just run Cotton buffs 1800 rpm would give you 265 ft/min of the babbit bearings. A 8" buff would be a little slow at 1800 rpm and a 10" buff just right but don't lay into it too hard.