And hand lapping just the very edge with a finer grit diamond paddle will give a better finish on the work. We were taught in school to always hone the edge of tool steel lathe bits for best finish.Going to a too-fine-grit diamond wheel can jeopardize the cost efficiency of using diamond wheels. A 120-grit wheel run wet can be the lower-cost method and gives an Ok finish for such as flats and tickling boring bar ODs.
At first use, it is best to indicate the wheel OD to .002 or better so at the end of life, you don't run out of diamond on one side.
A simple aquarium pump can be attached to a bench grinder setting in a homemade plastic tub for a mock Tc grinder... you might even consider attaching a bargain tilt table.