Of late when I need a cutter I rough it out of an appropriate HSS blank with a Makita hand grinder, then finish it on a bench grinder.
The reason for this is because the bench grinder is very slow, and shaping convex profiles (as you find on the shoulders of a cutoff tool) erodes the hell out of the corners of my grinding wheels. Since I want to get things done, and I want to do it without dulling the corners on my bench grinder, I use the hand grinder.
This works fine, but it's ugly as hell.
Is there a "more right" way to do this? The tools that I have at my disposal are the afore-mentioned hand- and bench grinder, a truely ancient Dremel tool (for which I have cutoff wheels, and can afford a few odds and ends), and some stones for finishing things off nice and sharp. I vaguely remember trying to cut off a corner of a 1/4" tool blank with the Dremel cut-off tool and thinking that it's a dandy way to turn cut- off wheels into powder.
If you just couldn't stand the thought of doing it with the above tools, what one tool would you make me buy, and how would you tell me to use it?