Nice find, I've seen them sell for 10 times more in that shape. You'll like it. I have a 1022WD from 1988, later generation with yellow tag- also very smooth. I paid $150, but my wheels were good, so maybe not much different in the end- good 10" wheels are expensive. No matter, you are plenty deep into suckage territory IMHO.
From the look of the grinder itself, I'd agree blue tag. But, yours has a 1960s style pedestal that I've only seen with red tag grinders, also - definitely cooler. I wondered if yours might a last of the red tags, but then from the shape of the tag, it has to have been blue. Assuming your stand is original, your grinder is from the very late 1960s.
I think 2RS bearing shields are better, but these are pretty well protected from swarf and ZZ should be fine.
Stay with name brand non-Chinese wheels to keep the smoothness, but even they can vary. You may be able to find bench grinding wheels with a 7/8" arbor hole, but it is really hard to find a 7/8" to 1" adapter and it is not included in most bushing sets. McMaster at least used to have them, but you have to order them special. You guys might know other sources- or you can just make them. I include the link below only because it has a 7/8" adapter, but the reviews suggest these might not be Norton's best wheels and may need a lot of truing. Or could be an Amazon seller selling seconds at inflated prices, wouldn't be the first time.
https://www.amazon.com/dp/B001NLGLSU/?tag=atomicindus08-20
As a woodworker I upgraded one side to a softer more friable Norton 32A wheel designed for cooler grinding of hardened steels like chisels and plane irons. These are definitely well balanced high quality wheels. Other side is hard and coarse for hogging on anything.
On the dual speeds- I am not aware of a Baldor dual speed 10" bench grinder. But they do make a dual speed 7" grinder, the 7312D, has both 1800 RPM and 3600 RPM speeds. Rare to find used. For a 10", 1800 RPM is standard. I don't think anyone sold a 3600 RPM 10" bench grinder because the wheels aren't rated for it. The SFPM is the same as a 5" 3600 rpm though.
I really like grinding on my 1022WD. The big wheels grind cooler and need dressing less often. You mention having a nice 7"- I like my 7" for producing an optimal hollow grind for freehand sharpening, good for any grinding purpose with a decent amount of power. The 10 is better if you want less of a hollow grind/ a flatter surface, or removing metal fast.
Wade