I've found that when grinding shims, any kind of powered grinder is way too aggressive. It's too easy to take off more metal than you want to in a fraction of a second. Doing it by hand on an oilstone is much more controllable and can take off thickness quickly enough. The other problem with bench grinders is that most of them aren't flat. If you've been sharpening drill bits on them, they tend to have grooves worn in the wheel that will produce a non-flat top on your shim. Even if your shim is spinning on the point of a centre punch, the best you can hope for is a domed top. A domed shim will have a point contact on the underside of the cam bucket, which is a stress concentrator and may lead to a cracked shim.
Using a nice flat oilstone (or wet/dry emery cloth on a flat surface), rotating the shim in your fingers ever few seconds, and rubbing in a figure-8 pattern will give you a better flat surface as you're likely to get with any other method.
I made up a mandrel to hold the shim in the lathe chuck, and tried taking very fine cuts with a tungsten tool. It worked OK but I had to finish them by polishing on the oilstone anyway, so I only use the lathe if I have a lot of metal to take off.
Cheers,
Cam