I know of a lot who have mounted their grinder motors in that fashion. Personally, I have the motor for my KMG mounted under the bench, in the same fashion that most table saw motors are mounted...... on a hinge plate. Because the motor I use is so large/heavy (3 hp, 180VDC) I had to attach a spring with a turnbuckle to take a bit of the weight off the belt.
In my opinion, the biggest advantage to is is that you can build/buy a mounting plate that has the four motor mounting holes (not the slots where you slide the motor, then tighten bolts for tension...which usually causes alignment issues) With a hinge plate setup, as long as you have the hinge aligned correctly, the motor/pulley can't help but line up correctly. On some installations I've done, and others I've seen, the weight of the motor isn't enough tension....and a bolt/"tie down" was used to increase belt tension.
In my case, because I mounted the motor underneath the bench, and cut a hole in the bench for the belt to pass through..... it saved lots of room....it also keep the motor out of all the grinding swarf.