I would find a larger one. I used a 3HP Compressor motor from Harbor Freight. It will probably only last a year or two, but by then I will be able to afford a real motor. This one was less than $80.
I am pretty sure you will be able to find a drive wheel on ebay or at Surplus Center. They are out there, you just have to keep an eye out.
You may also want to take a look at a group on MSN called home or shop built grinders. There are a lot of pictures of various home made grinders there. You will find some good ideas and some good sources of parts.
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