If you are looking at doing a smaller job 500 sf or less, I would Purchase ( or you may have one) a good 4 1/2" surface grinder. Then you can purchase a dust muzzle at dustmuzzle,com for $25.
Then I would go to Ebay, purchase a TURBO style cupwheel. 4" or 4 1/2"
ToolAmerica (ebay store) has a GOOD selection of OK grade diamonds for a fair price.
Total invested ~ $200-$250 Plus you have a Surface grinder for other things.
a REGULAR shop vac WILL WORK, BUT, when dust starts to fill the room after a while, STOP, Empty your tank and TAP THE EXCESS DUST OFF your filters. BE VERY GENTLE. If you create a hole or make the seal break you will get fine dust into the motor of your vac and the results are NOT GOOD.
IF you have a larger job I would suggest the same Plan using a 7"/9" grinder *** 6000 RPM ONLY ***
Purchase a Similar TURBO style Cupwheel in 7"
These will grind the FASTEST and provided the Smoothest (user friendly) finish. NO OOPS!
Using this 'idea' will make your floor project turn out 300% better than just saying F' it and just acid etching.
YOU WILL NOT REGRET DOING IT THE RIGHT WAY