So, even though there is already a thread on the subject, there's some info there that I didn't want to step on. The forum member Eide has a super cool idea that I recommend that people take a look at. Here's what I did.
Here's pics of the diamond wheel
The grinder was a closeout at Lowe's for $9.99 and the wheels were at HF as a saw sharpening set for $9.99. This is BY FAR the most diamond surface for the least $$ that you will find anywhere (the wheel is coated on both sides). I had to turn down the non-threaded side of the wheel adaptor to fit the 20mm ID and invert the threaded side. Another member suggested using a step drill and opening up the arbor hole, this would work, too. I mount it in a vise whenever I fire up Big Ethyl, so a fresh tip is always steps away. Next step will be to mount the assembly in a box, and use a dimmer switch to control RPM. I have been thinking of making up some wheel adaptors so people without access to a machine shop would be able to use these wheels without any modification. Let me know if you're interested.