I have a nice 1700 RPM Baldor grinder with a course and fine stone. I use the course for nicks or to re-establish the angle. Although this type of grinder is much slower and generates less heat, you still want to be careful not to draw the temper.
I learned reading from reading CHRIS SCHWARZ's articles on Popular Woodworking. He is hand-tool guy. I also watched some videos from Lie-Nielsen. The following advice is for sharpening hand tools:
I think you should learn technique. Whether you use oilstone vs. waterstone, etc. is not that important.
I do a little grinding, sillicone carbide sandpaper on a piece of granite up to 1500X and then do a few swipes on a 400X/8000X Norton stone. I do this freehand. Once the angle is set from the grinder, you use your tactile senses to follow that. The advantage is that you can do cambers on plane irons, gouges and even microbevels quickly and without fancy "jigs."
Remember, your goal is to sharpen quickly and get back to woodworking.
If you really love sharpening (or just want to spend big bucks) buy a sharpening machine...
If you love woodworking and want to spend more time woodworking, learn technique...
Good luck