Some sort of tool post grinder with various grit stone wheels for grinding and polishing.
When I was a field service rep, the company I worked for had a roller manufacturing/recovering department at one time, the grinding attachment went back and forth as the roller turned and ground / polished it. They were constantly sprayed with some sort of liquid coolant during this process, It looked to me like some fairly specific equipment, definitely not wood or metal lathes, but it could likely be done on one. I never really got involved with it much, but we did have a engine lathe that was used for core manufacture and journal repair.
I've never done or have ever known someone that has ground there own rollers. I think rollers are such an important part of our process that refurbishment of rollers should be left to people who do this for a living and have the experience, one slip when grinding and you bugger up a $300 roller. A decent roller company is never too far from away from most cities. I'm talking about 40"+ presses and not the little multi's and AB Dicks. my 0.02p worth
Other factors to consider is what are you really gonna save? By the time the roller is removed, ground and reset (after all its now smaller) wouldn't it be more cost effective to take care of em while you have them in the press and replace them when they are done? We once had a "cheaper" roller that we could get. Took down all the units, put in new rollers, but had to keep resetting them (2 hrs per tower). Then once they were worn out, had to replace them again, only to find each tower had to be reset again. If we put in the good rollers, basically we can run till they are shot, replace em, with little to no time to resetting. Good thought, but I wouldn't do it. Just my .02