There is a version of this idea for flex shafts.
A reciprocating handpiece for flex shafts have
been around for a long time, at least 30 years.
I've had one, by Foredom, for that long - used
for texturing jewelry and for setting stones,
mainly cabachons in bezels. A flexshaft handpiece
designed for special carving tools is an alternative
to the ArborTech - if you already have a flex shaft.
Unlike the ArborTech, it doesn't require hearing
protection and with a handpiece, control is quite
a bit better because there's less to move around
and your hand is much closer to where the edge
is cutting. Like any reciprocating device, there
is friction involved, with the associated generated
heat.

That flexshaft and handpiece is more suited to
bench use and finer work than ArborTech
reciprocating attachment to a bench grinder.

Don't know what the ArborTech costs, but, if
you already have a flex shaft, the handpieces,
with four or five chisels are about $80, the
Chinese versions being in the $50 range, though
the chisels's steel doesn't hold an edge as
well as the higher priced units.

charlie b