It sounds easier than it is.
I like to think of myself as a pretty handy guy, often fashioning my own homemade solutions instead of buying one. I've built and used my own cane poles before with some success. This pole is completely different, functioning similar to a standard fishing pole. On the other hand, I wouldn't have dreamed of making a reel. This guy builds his own rig and then uses it. Check the video below to see how and how well it works.
First, always practice proper angle-grinding safety. Make sure you ALWAYS wear gloves. Also, don't hold what you're trying to polish and grind; that just isn't safe.
It turns out bearings are really important, and so is a drag system.
You definitely have to enjoy the ingenuity behind this homemade setup. Through failure is a learning opportunity, so this rod-and-reel combo is most likely just one of several versions to come.