I'm not convinced that dipping is good for a tool, but will admit that's superstition. I think it's best for steel if all of its life after hardening is slow changes in temperature.
I have, for a long time, ground without water at the grinder, even when regrinding vintage irons (softer steel generally develops more heat - not soft as in the edge, but soft laminated layer).
The way I check temperature is to take the tool and drag it across my palm. I don't like, as with many of you, i'm sure, to stick my fingertips on a tool on a sharpening stone and burn them, so the palm is a less sensitive area that can first check the tool and then cool it some if it's not absurdly hot.
The hotter the tool is, the faster you drag it across your palm. As you confirm it's not that hot, you can drag it more slowly (this is repetitive, not one drag). I have never burned myself beyond slight discomfort - and I did this with a brown al-ox wheel - the key to preventing heat is always keeping the wheel fresh and developing the touch.
As to the comment about power above - 150 watts will grind a tool bevel without issue. It is anemic in general (because it's cheaper to make anemic), but the power level won't be a problem unless you're doing something other than maintaining bevels on tools.