Oily, a slightly more subtle point should be made – the part of the wheel that's cutting should be in line (say, vertically, for most setups) with the finger. These are generally rounded, so if not aligned properly, the cutter will rotate a bit too much as the flute comes off the finger. We generally used cup wheels, where this is slightly easier to acheive, and dressed (carborundum stick) the inside of the wheel to leave a narrow edge that contacted the work.
Grinding wheels were often dressed to become quite narrow, disc wheels were dressed almost to a feather edge for grinding the cutting faces of small hobs (gear cutters). Similar to side and face, slot cutters and the like. The front face (of the flute) is ground to preserve the (rack tooth) form of the hob, any formed milling cutters (radius, angle, vee, etc) would be ground the same way.
Bill