Larry,
That is just like my Tormek grinder. It is really pretty simple. Grizzly couldn't screw up copying it. I use it all the time and couldn't imagine doing without it. It is actually the sharpening strap that I use all the time. The profiled leather strap for gouges is an essential option on the Tormek. I don't know if Grizzly offers it or not. If not, you should pay the extra for the Tormek. It is expensive, but it is worth every penny. I consider it an essential tool for any woodworker.
Mark E.