To respond to some of the questions:
These are the wheels in question. Electroplated solid steel, 9lbs for the 10", an 8" composite wheel is around 3.5lbs. The preferred grinder will be a Baldor 8100W, although it's likely that in interim I'll get a cheapie Chinese unit. As 2oolhound noted, the wheels are pricey. They are also, in a non-production environment, not a consumable, unlike regular wheels.
I've already ruled Tormek out, they are too slow and the stone demands too much babysitting. The CBN wheel on a slow speed grinder is a proven system. It is effectively a dedicated sharpening system. You never have to dress the wheel. Or change the water. Or dress the wheel. Nor is there any dicking around with balancing the wheel. While not as particulate free as a wet grinding/sharpening system, it is far less messy than a normal dry composite grinding wheel.
The HF chainsaw sharpener is interesting, may be quite handy for carbide router bits and such. However diamond wheels and steel tools don't mix well.
Tool-Scrounge, your suggestion sounds like it would suit you quite well, but I'm not really looking for a project, even one as modest as that would be. Plus, for whatever reason, I really don't like the separate belt driven motor setup. Call it an irrational prejudice if you will.
personally I would never run a grinder without a guard. - terryo1965
Do you run a buffer without a guard? A Baldor 8" 3/4hp buffer runs at 1800rpm,
without a guard. If whatever is being spun can't come apart, I don't see what your concern would be. Note that I can't imagine a situation where I would run a composite/stone grinding wheel without a guard, but that's not what's in question here. To use guards with the 1.5" wide wheels, regardless of diameter, I'd have to fab up the guard myself, as all the guards on 8" grinders out there are sized for 1" (at most) wheels. I used a 1" wide wheel all last Friday, and while it does the trick, a wider wheel will reduce skating spindle and bowl gouges off the edge of the stone.