Ok, my initial thoughts about the packaging are where are you going to put the actual frame of the grinder? Then I though, one large plate could mount all the wheels shown, AND the motor pretty solidly, so that would get around that. It would limit your options for attachments somewhat, but you could design around that. The other thought is that I think 1/2 hp would be too little. I'm certainly not an expert here, I've never actually used a 2x72, but from everything I've read, and watched 2hp is ideal for a 2" belt (1hp/inch), and around 4000sfm belt speed. That being said, I'm sure it would still work, and provide value, but you certainly would stall that belt anytime you approach doing some actual metal removal with it. It would be handy for deburing and other light duty things though, but to be a truly useful tool, like they can be, there is no getting around the HP requirement.
If that's what you have for a motor, and don't want to buy another, I'd simply just build a smaller grinder. A 1x42, driven by a 1/2hp motor would still be considered too small by the 1hp/inch "rule", but IMO would be much better than trying to drive a 2" with it. I have a 1x42" mastercraft sander now, and it's pretty underpowerd and stalls easily. No idea what size motor is driving it, but it's surely not 1/2hp (1/4 maybe at best). It's still very handy to have around though, and someday I'd like to build a more powerful and versatile grinder on that same belt size. You can never have too many metal removal options if you ask me.