Dear E.H. Carpentry,

Yeah, it sounds kind of horrifying...like, what is this guy going to suggest next, using a right angle grinder?
A couple of things: the cool grind wheel is key. Norton makes it, and others make similar ones. They are made of an abrasive with a much more frangible bond so that, like the water stones, they wear faster. The trade off is that they do not heat up nearly as fast, nor do they heat your tool up as fast. Care and attention are still needed during the process.
Second, when I said "freehand" I meant only that I don't place the tool in a clamping guide such as the one that comes with the Tormek and most dedicated honing wheels. I do have a Veritas tool rest mounted in front of the wheel. I set it to about thirty degrees relative to the wheel surface and use it to guide my blade as I grind. By holding the blade firmly in my grip and using the tool rest as a reference, I'm able to maintain a fairly consistent angle. In addition, I also grind the meat out from the middle of the existing bevel, so there remains a mirror surface front and back. This way, the bevel angle is never affected, and there is an additional safeguard against accidentally burning the steel.
The Veritas tool rest I purchased came with a clamping tool guide that will precisely set the blade square to the wheel and ensures a ground edge that any machinist would be proud of. I can use it if I need to totally regrind a bevel on one of my blades. In most cases, I fail to see the need for that kind of precision.
I am somewhat uptight about lapping my tools, and I've been teased by others about the attention I pay to my tools' edges. I enjoy the feel of a well tuned blade, so I don't mind the heckling. In the end, of course, there is a trade off. We are making a living, after all. When I purchased my wheels, stones, and the rest, I also bought a veritas sharpening guide for my stones. It is effective, but again, slow as all get out. I finally donated it to a local craft school where it would get used more often. I found it invaluable during the learning phase of sharpening, but quickly decided that it wasn't worth the extra time. Learning to feel when that bevel edge is registering on the stone is worth the effort.
As far as the Tormek goes, if someone wanted to buy me one, I'd kiss them. But by Jove, they're expensive. And when I say I've used them extensively, I mean that. They are glacially slow. I would ask the person who bought it for me if they'd gotten me a copy of Les Miserables on tape so that I could while away the time. Holy cats!
In closing, I WOULD invest in a high quality, 1800 RPM grinder if I had the dough and could find one. Mount a hard felt wheel on one side and buy a stick of grinding compound or a tube of the paste to dress it, your choice.
Grinding highly expensive tools on a high speed wheel is possible and comes reccomended by others wiser than me. Just give it some practice, and you will grow to appreciate it.

Cheers!