The well equipped shop needs an electric bench grinder to keep tools sharp. So far so good, I got one of those. Then of course you need a wheel dresser, a gizmo to flatten out any rough spots on the abrasive wheels. They used to be an all steel gizmo of no particular classiness.
Times have changed. You can now get a diamond wheel dresser, complete with a 1/4 caret diamond tip, for only $62.50 from Lee Valley, a maker of lovely but pricey tools. Quarter caret is close to engagement ring size. A replacement diamond, in case you get clumsy and break one, is only $21.50.
Them man made diamond folks are getting better and better at it.