Many thanks for your ideas and advice.
@jon – At least it is good to know that small throw is acceptable. In practice I have also noticed that dressed wheel cuts better and not much deleterious effects related to any remaining eccentricity are noticed.
Yes, it is dressing, not actual grinding, what produces most of dust.
@Peter Krogh – My grinding rest would obstruct area where hosepipe to hoover need to be fitted. On the other hand modification of wheel shield might allow for this idea to be tried – will have to have a look.
@David George – I am actually using something comparable but your approach seems more straightforward. Will try. Easy enough.
@Rik Shaw – I am not an owner of surface grinder or cylindrical grinder. Regarding cooling, I wonder if some sort of arrangement can be made for bottom of grinding wheel of my bench grinder to be immersed in bath with water. Is it in your opinion a legitimate idea or something daft?
Yes, I know, cooling *is* important. and now my machine (means ML 7 lathe which also serves as a makeshift miller with aid of vertical slide) is devoid of this luxury very much like offhand grinder. However mid next year I will get a proper miller (total mass of this machine is approx. 1 ton) and she will have cooling system installed.
@Hopper – That is very much what I did. My grinder is also at the garage door, about 15 feet from lathe. Still this dust is annoying. Taking it outside for dressing would be tedious. It is bolted, it would need bolting outside etc.
@John Reese – Didn't try this one. May try in the future. Sad truth is that Chinese stuff is competitive in price but also increasingly in quality. Sometime ago I have kissed goodbye to European carbide inserts. Chinese are coming at 10% of European price and recent batch ex Mitsubishi (still sent from China) is doing miracles at price of 1 USD each. European versions are simply a ripoff.
Martin.