Seven inch wheels are sort of an oddball size and might limit your choices for getting a CBN wheel. I would go for 8 inch low speed (1700 - 1800 RPM) and 3/4 or 1 HP if you plan to get CBN wheels. Baldor is the Cadillac of grinders, but the 1 HP Rikon is more than sufficient. I think that the 1/2 HP Rikon would be fine with aluminum CBN wheels from Woodturners Wonders. Things that wear out: start capacitor after many years (I've never had to replace one yet) and shaft bearings (maybe once in a lifetime). Other than the initial start-up load to accelerate those heavy CBN wheels the grinder motor is basically just loafing along so they will usually never need any maintenance.
Eileen.....
I agree with Bill, that in the long run, you'll be much happier, and better served with a slow speed (@1800 +/-rpm) 8" grinder.
Prior to my retirement, I had experience with Baldor buffer motors, and to tell you the truth, I think they are a little overrated. Although the company I worked for originally bought Baldor motors, they eventually bought the Dayton line. Dayton is not quite as expensive, but just as good. I suspect, since other manufacturers have entered the market in the past couple decades, that other motor manufacturers would be in consideration these days.
I originally used a 6", 3450rpm grinder. It works, and like you, I originally started sharpening on a budget. If I could go back and change that, I would start with a better, more appropriate grinder.
I believe Bill Boehme and I have the exact same grinder. This older Delta is 8", 3/4hp, and about 1800rpm. It's a good one, but sadly, it went out of production 10-15 years ago. I wish I'd started out with this grinder. As you can see, the jigs and accessories have evolved quite a bit.......and, your grinder will evolve similarly, too! If at all possible, the grinder is not the place to cut corners......but, it's understood you have to do what you have to do, because very few of us have an unlimited budget to work with.
-----odie-----