Hi Nick,
Others will probably give you much more chapter & verse, but for what it's worth, my take is that a) yes it will take a long time; and b) the tool will get darned hot.
Now, I can't comment on this because I haven't that much experience, but apparently if you attempt to cool a HSS tool that's hot, as when grinding, you run the risk of causing cracking.
It may be advantages to use a coarse grinding wheel first to rough out the shape you want, followed by the fine wheel to smooth out the grinding marks left by the coarse wheel.
Good luck.
Peter G. Shaw