I had that Draper model and it's awful. Steer well clear if you are hoping to do plane blades on it.
It's OK as a dry grinder - on the high speed bit, and if you free-hand grind the wet bit could be OK, but I found it rubbish and bought a Tormek instead. I'd suggest either A) saving more pennies for something better or B) following what many people did here and buy a cheaper version, and make a jig.
The problems with it are:
The release of water is inconsistent.
The angle plate on the high speed bit, to set the angle flexs (badly) so you can't get a consistent angle
The plastic angle plate on the wet stone flexs, bends, moves, the plastic mitre gauge to keep the blade square is terrible, really rubbish design, the left to right tracking channel causes the whole setup to move, and the magnet for holding down the blade causes more problems than it fixes.
On the other hand, if you were prepared to make a more rigid holding device, it could be much better, and if you replaced the thin metal holder on the left hand side, with something more stable you could make it functional perhaps.
A very dissapointed Adam
[PS: I got this as a gift, which made it doubly worse for me, I've yet to find someone to give it to, and it's taking up space in my workshop as its nearly brand new, and I haven't the heart to throw it out for the reasons above.]