If you're porting heads, get an electric. Air die grinders can drain even the largest compressors, and they get ice cold. Mine gets cold enough that it frosts and I can't even hold it with leather gloves if I use it for long periods.
I got the cheapy $17 air die grinder at HF and its not bad. It spins like crazy, but doesn't have a lot of torque. Torque isn't high on the priority list, but its sometimes nice. Basically, the grinding requires HP - lots of speed and the bits do the work. But sometimes if you really need to dig into something, mine just stalls.
So, I went back and got the "pro" version. Much nicer, but much bigger.
As far as attachments, you'll probably want a selection of wire wheels. They sure do a quick job of ripping welding slag off and throwing red-hot slag into your eye. Get some carbide burr bits in varying shapes. They probably sell a set of bits, but that's one of the things that HF doesn't do well. Just don't be surprised when they don't cut much. I also got a set of grinding stones. They're nice if you need to re-grout, shape fiberglass, tile, or hardwood.