A quick google search will yield about ten million hits on jigs, techniques, systems, and machines for lathe tool sharpening. The popular questions seem to be dry grinder vs slow speed water grinder, jigs vs free hand, and whether to use tools straight from the grinder or honing them a little. It really comes down to the fact that there is no right or wrong way to sharpen your chisels and what works for a production turner might not be best for a hobbyist. I used to be a run to the grinder and then straight back to the turning, it was quick enough for most chisels and seemed to work find. The problem occurred when trying to use a jig for a fingernail grind gouge, it was just slow to change from a flat tool rest to the jigs needed for the gouge so I went searching for something else.
So what do you need.... Well you can start with sharpening stones, they are slow and you simply cannot regrind a profile on a bench stone, it is just too slow. Other options are a bench grinder or belt sander, I currently have a bench grinder which works fine but takes up a lot of room in my small shop and takes forever to change to a different grit stone. I am seriously considering getting rid of the grinder and using a small 1" X 30" belt sander but for now the grinder works fine.
My setup is:
1725 rpm 6" Baldor Grinder with 120 grit pink wheel
Wolvering Basic Grinding Jig
Two sided diamond stone (course and fine)