I checked with my brother-in-law about the shoe grinder, to make sure I wasn't spouting off something that was incorrect. He confirms my original post:

On the shoe grinder, you have it right. The apparatus mounts on the spindle. Measurements taken off the drum are transfered to the machine. Then the sanding disk is slowly brought into contact with the shoes until, after a few passes, the shoes are ground to perfectly fit the drums.

Of course, this assumes you have round drums to begin with.

Sounds like the OTHER way to skin the cat.

Bill