I had such a tool years ago. You had round Teflon guides to insert your arrow shaft through to feed it into sanding disc. The guides had a slot to fit on a piece of angle iron to get the right angle for cutting shaft tapers.
Overall the set-up didn't work very well. Most arrow shafts won't be exactly true in size and 11/32 might not fit through the 11/32 guide and be a sloppy fit in a 23/64 guide.
The guide wasn't secured on the angle iron and could move during the taper procedure giving you an off center taper. The motor RPM was way too high and the disc would eat up a shaft in the blink of and eye
My advice; Buy the cheapest, small disc sander with a miter table you can find(less than $50). Add a simple scrap wood guide and turn out perfect tapers every time at a fraction of what dedicated taper grinders cost.