Vince,
I'd use that tool in the orientation shown in the photo - very good for the bulk removal of steel. As Don suggests, I think the Worden was designed for finishing off tools with the bulk of the rough shaping being done on a conventional off hand bench grinder. Using it like that I've found that I don't need to true the wheel very often, although it gets dirty looking it still seems to cut well. I only generally true the wheel if I want a sharp corner as the edge tends to round with use.
That's a very nice job you've made of the traverser - I really must get on and do mine.
Cheers,
Rod