The major issue with using a smaller wheel than the bench grinder is made for, is that there is extra space around the wheel in the blade guard, which can make it easier for stuff(clothing, tool bits, whatever) to accidentally get pulled in between the wheel and the guard, which can cause safety issues.
A smaller wheel also might wind up further away from the tool rest, leaving a wider gap between the tool rest and wheel, making it harder to grind/sharpen stuff, and again making the grinder less safe, although this might not be as much of an issue depending on the tool rest design, and how adjustable it is.
Lastly, a wider space between a wheel and the wheel guard leaves more space for stuff caught between the wheel guard and wheel to accelerate, and makes it easier for that stuff to get flung out towards a user. This could also be an issue if the wheel fractures in use.