use of glass on the platen and why
The two biggest reasons are heat and wear. The belt running over a steel (or in this case a cast) platen generates a great deal of heat, sometimes enough to cause a belt joint to heat up and pop. With the amount of time I spend using a flat platen, the belt also wears on the platen, creating grooves, etc. that translate into seeing the reverse of those things in the steel you're grinding.
inability to grind plunge cuts from the left side
As your standing in front of the machine, due to the nature of how the platen is built/cast, you cannot track the belt to the left far enough to make the edge of the belt line up with the edge of the platen..... basically you can only grind as deep on the blade, as the belt is thick, before the blade "chocks" against that part of the platen that's exposed beyond the belt....and you can't grind any deeper. Overlaying the platen with a 1/4"-5/16" thick platen prevents the blade from "chocking" and allows to to grind as deep as the platen overlay is thick.... it also allows you to track the belt to, and even beyond the edge of the platen on the left side. (it will become obvious once you start using the machine for blades).
The biggest issue is the speed. It's not that bad when using heavy grit belts (36-60 grit), but as you get finer in belts, the heat build up is incredible, and because of the belt speed, it's a safe bet that you will "burn" stuff up with a 220 grit belt of finer. I used one of the Square Wheel grinders for nearly a dozen years, before VFDs were available.....if I had it to do over, and had VFDs, I'd go that route right away on the machine.
That machine looks to be in very good condition for it's age. I suspect it's seen minimal use. Another weak spot in the Square Wheel grinders was/is the tracking...the parts inside the idler arm that adjust tracking were all made of delrin (a nylon type material), that wears out quickly. I replaced those parts twice with factory replacements, but after wearing the second set out, I made my own parts out of steel, and they are still working to this day.
Several years ago, I moved the Square Wheel from my finishing shop to my Blacksmith shop for common tasks there, but it's been with me now for over 25 years, and aside from routine maintenance, and replacing bearings here and there, it's endured!

The modifications I did/show on the webpage made it a passable blade grinding machine, but there are so many better options available these days, I personally wouldn't buy another Square Wheel unless, like you, I found a screamin deal.