That is a very good find!
Have you checked out the 'let's see your craftsman block grinders' thread?
http://www.garagejournal.com/forum/showthread.php?t=157794
It is dedicated to CM grinders with a motor like yours, and would fit in nicely if you posted pics there also.
BTW - The long spin-down time, is a sign of dry bearings. New, fresh greased bearings have more drag and take relatively less time to stop spinning <60 secs. or so.
The bearings are easy to find on Amazon, eBay, Graingers, .... and not expensive.
Also, the wheels can deteriorate if they get damp/wet. Please read the Grinder Safety portion of the thread in the link in my signature line.
Welcome to Block grinder ownership!