I used this system to sharpen chef's knives for my retirement business. But, instead of the gritted wheel, I used a 1 x 30" bench grinder from harbor freight(which I mounted on a special base so the belt would turn away from me. I disagree on the grinder to use, though. 3000+ rpm will burn an edge if a guy is heavy-handed. Woodcraft supply sells a wonderful 1800 rpm motor for about $90. Or, I found a two speed motor on sale for about $65 at Lowes-the second speed runs under 2000 RPM. With this system I could sharpen a knife a minute all day long. I use the same thing for single bevel broadheads with the same result.
Even better for the person to whom time and money is not an issue, it the Swedish Tormek machine. This is the elegant solution to sharpening almost anything. But, most folks can't justify the cost and the learning curve.