That can be a great wet grinder. Hopefully the wheel isn't too out of round. But the ad says it has an 8" wheel. The best diameter for woodworking tools is 11" in diameter.
I don't have mine up and running, but here is a pic for reference. I actually just ran out to measure. It's an 11in wheel and looks just like that one, except for my broken tool rest. I'd say that is an 11. If I can help let me know.
As far as I can tell they are all 10" grinders. The stone on this ne is probably worn down to 8" and the splash guard is adjusted lower accordingly. This is one of the later gear drive ones, probably 1950's.