I'm kind of surprised by the number of people here that have grinders. I'm really curious: what make/model do you use? What kind of precision are you able to get on your hand-made parallels?
I just bought a set of Fowler 1/8" parallels. Each pair is supposed to be parallel within +/-.0002". If I had a grinder and could match that precision then I'd make my own in a heartbeat.
I'm an engineer by trade, so I only get to pretend I'm a machinist the morning after I stay in a Holiday Inn, so take this with a grain of salt.
Of the places I've worked that have at least a Bridgeport, all have also had a lathe. Around 80% of those have also had a surface grinder. It's usually fully manual, no coolant, and neglected. The diamond is probably locked in the toolbox of the one maintenance guy who uses the machine. There might even be only one wheel, but it's available and it probably cuts steel even if not at mass production optimized rates.
Need a better finish, dress a bit too slow and spark out an extra time. Cutting too slow and putting in too much heat, take your time. Warmed up without coolant, get a cup of coffee or work on something else with the machine on but the part cooling, it's probably a permanent magnet chuck so no heat being generated there.
It's often an old B&S or Okamoto IME, though plenty of other brands. Half of them are older than me, often by a lot, but lightly used all these years and still cut just fine.
Just to point it out, you mentioned parallel, but not on size, which is a problem with regrinding existing parallels. If you only use your own it's not a big deal but sometimes I want to grab a parallel from my 1/8" set and one from my 1/4" set, or something else. If all you want is parallel you can take as many tries as you want. If you want it to be parallel *and* on size you only have one or two chances before it's too small. Still perfectly doable, but a lot more work than just making one set that only matches its self.
Much like having an old knee mill even though you have a 5x mill, a surface grinder bought used doesn't cost a ton and occasionally proves its self very useful if you have the space for it to take up the rest of the time.