Just finished putting together my grinder. KMG chassis with a 2 HP, 3 phase motor and a KBAC 27D VFD. The motor is a Dayton I got off the big auction site for cheap. Be sure to get a TEFC (totally enclosed fan cooled) motor, you have a little room for rpm's. Mine is 1725, but with the VFD, you can change one wire and it doubles the rpm's. It would be easiest I think if you get an AC motor, but I know a guy who has a DC, just some quirks to go with it.
One thing I'll say is if you go the KMG route with the belt drive, get a motor with the mounting plate attached to it. I'd originally figured on a different setup and got a motor without the mounting plate (bolt to the face). So, I had to torch/weld up a mounting bracket...
Motors can be really expensive, but if you know the things you need and the wiggle room for stuff like rpm's, you can look around and find a good deal. Hope that helps.
Jeremy