The guy I bought my 1/3 hp Baldor from told me the regular coarse wheel would be fine for HSS or Carbide lathe bits. I have found if I'm cutting a shape on a brand new bit I rough it in with the coarse stone and finish on the fine stone that are on my grinder. The grinder is mounted on the lathe stand and that's mostly what that grinder is used for. Most of the special stones don't heat the metal up as fast so are good if you have lots to grind on something but I have a dip tank mounted on the grinder and dip often when sharpening bits (they do get hot and can turn blue if not careful). While it's nice to have the ideal best, you can often make do with what you have.