I had to serve a year in the saw shop as part of my apprenticeship, I used several circular saw sharpening and gulleting when TCT was extremely expensive as each tooth was brazed by hand.
I'm used to similar machines as you have pictured, but they were all upright, whereas the pictured example is horizontal
You must clean the teeth face as perfectly clean as possible or the abrasive wheel will clog and you will waste time and money continuing this action. Half An old hacksaw blade, ground as a knife, and a wood and tape handle will do nicely!
Get a wheel cleaner and shaper toolas recommended by the maker.
The Stop post and stop looks to be a little fragile, remember this needs to be accurate to keep the teeth working evenly, beef this up if needed.
But remember the old cast stuff I was taught on was made to be used all day, every day for many, many years.
As you say it will save you some money, as long as you have factored in you're time.
Do NOT use it in the wood shop, because of the sparks, getting in contact with wood slivers, rags/cloths and paint, etc,
It won't happen for a while, then one day you're workshop will be burned down!
And goggles are a MUST, and have a spare pair!
Please Let us know any outcome.
Regards Rodders