Profile Grinding

Good morning gentelmen and ladies. I am introducing what I believe to
be a new topic for this list. The work I am doing now has lead me in
the direction of needing a surface grinder in my shop, and after
watching one of our suppliers use his new 1Million dollar profile
grinding machine I got the idea.
CNC wheel profiling I understand is not a new Idea, but I have yet to
hear of anyone doing it at home. The key to the solution is in the
new dressing technique of using a diamond "saw" instead of the
tradtional dressing "points". This very thin saw can be seen at

http://nortonabrasives.com/industrial/asp/pdf/7554.pdf

This allows you to get very steep convex/concave shapes with only 2
axis control, just like a conventional lathe. The most common use
today is grinding gear teeth.
The high dollar machines profile on the side of the wheel vs. the
bottom, and they keep their reference by having encoder feedback on
the horizontal table. The proceedure is to grind and then re-dress
the wheel at even intervals while moving the grinding head down to
compensate for the removed material.

For the home shop you essentialy would be building a toolpost grinder
monted to an xy table. Then you get one of these diamond saws and
you control the dresser just like a lathe.

The only problem I can think of right now is that you would have to
grind on the bottom of the wheel using the grinder's Z for reference.
So your table would really be a YZ control. Some of the things that
make this very attractive project are the small range of motion, low
cutting forces, high resolution. You should be able to use fairly
small motors and components making the project cost efficient too.

Anyone who has any thoughts or experience please reply. I have very
little exposure to grinding in general and would like to do more
investigation before I dive in to build this thing. I will be using
it to grind convex clyindrical "pads" that resemble the cam followers
on a rocker lever.