Totally feasible! You could probably put a whole one-person workspace into about fifty square feet without getting cramped, less with some squeezing and multitasking, and I'd guess basic toolset would run you less than $500 retail.

The grinder I used is a pretty simple unit with a water reservoir tray under the grill that keeps the bit wet via a sponge feeder; probably about $100 new, used bargains if you go looking, but, yeah, water feed of some sort is key to the grinding working well on glass.