Nothing wrong with the above, if that's the route you decide to take... but personally, I'd take another look at using the belt sander you have... I think that's the better tool for the job. Steve Bottorff, a member here who does most of his sharpening on the Tormek, uses the belt sander to reduce bolsters. Here's a video of him briefly showing his technique...
https://youtu.be/1Gt_J9PXa-U?t=49sIf I have to do it on a Tormek... I use the face of the wheel. For the majority of the work, I hold it essentially 90° to the wheel and move it back and forth, so the wear is even across the wheel. I can also thin the sides a bit in a similar fashion. If there's a recurve in the heel area of the blade, I will repair it (after reducing the bolster) by setting the knife in the knife jig at a very high angle... this works to repair the recurve without making it worse. (You still have to work the entire blade to keep everything consistent. Once the recurve is gone, lower the angle and sharpen as normal. (On a belt sander, you can put the blade 90° to the belt, if you have the room, to recreate the blade shape).
I personally, am leery of using the side of the wheel, if you put a groove in it, I think it's there permanently, and am not sure if it would eventually affect it. So, I would just add, make sure you don't hold the knife in one spot. Plus, I think the face of the wheel would work faster (although I've never tested this).
I think the biggest mistake I made in learning to make repairs, was trying to repair and sharpen at the same time, which for me, made things worse... I'd end up chasing my tail, and grinding too much off the knife. Make the repair first, get the knife in the shape you want it, then sharpen, worked better for me.