To me that does look very like a belt linisher.
For that application, commercial grade bearings should suffice.
For precision grinding, the bearings have to be of high quality.
years ago, one of our bearing suppliers "upgraded" the broach grinder, using commercial plummer blocks.
We immediately detected variations in the white metal coating of the steel backed bearings, of the order of 0.00001". before we could taken the supplier to task to rectify the situation, bearing failures occurred. Not only were the broaches having chatter ground into them, but the situation was deteriorating rapidly.
A S Q A visit, insisting on better quality solved the problem.
Rolling bearings can provide those sort of problems.
I remember a problem caused by the the diameter of the shaft being an almost exact multiple of the diameter of the needle rollers, and the brinelling that soon resulted.
Some high precision grinders use air bearings for low friction and increased accuracy.
Howard