I bought a bench grinder last year from Lidl, the type with one end geared down to about 120rpm with a large wet wheel for wood chisels and plane blades. That is too slow to be dangerous except for trapping fingers. The full speed wheel at the other end was removed and binned and a mandrel for a 100mm electroplated diamond wheel. This is made from aluminium and cannot shatter. The grinder has been mounted on an aluminium base with an adjustable rest for the diamond. These diamonds can be used for HSS, but as steel will cause chemical decomposition of the diamond, the life will be reduced. For limited home use, it probably wouldn't matter much.
For grinding wet, the rule always to be observed is that you must turn off the coolant before the wheel. This ensures the wheel is pretty much dry before it stops turning. If the wheel is stopped while wet, the coolant will end up at the bottom of the wheel as it slowly drains away, and the wheel will be very out of balance when starting up.