Yes the half of 55deg was based on the DCGT inserts that you have, the VC would be closer to the drawing. Either way you don’t want too small a tip radius.
Round bar would do either in a block or with a flat machined on the bottom so it can be clamped down.
Do you have a rest for that belt sander? If not the other grinder will do, even if the wheel is in need of truing up you have that little sliding guide which makes the state of the wheel less of a problem as you can slid ethe cutter back side to side and it will just get ground by the high spots rather than feeding into the wheel which will replicate any undulations from the wheel.
The initial slots would be better in the lathe than the R/T a 1mm dia cutter combined with likely backlash in the R/T at 7″ diameter is a snapped tool waiting to happen. The 1.5mm x 6mm parting blades are easy to come by and cheap, it would not be hard to grind 0.5mm off one side for a short distance.
Your same round or square bar could be used if you milled a 6mm wid ex 1.25mm deep slot in the end and used 2 or 3 cap head screws to pull the blade into the slot. A sort of poor mans version of some of teh internal insert grooving tools you see.