I would suggest that you google "surface grinder" to see what you are suggesting. These big boys can grind extremely small amounts off. I checked ebay and the manual ones can be gotten for next to nothing, including plumbing for coolant and magnetic chucks. Using a grinding wheel at 4000+ rpm's will only generate large amounts of heat burning the steel reed. At the thickness that you are needing, coolant is a must. I don't think that you will be able to hold a good enough tolerance with a smaller home built machine due to the lack of rigidity and squareness. Just my thoughts.
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