I have a black oil stone and decided to use a belt sander to flatten it (came from Hall's Pro Edge a few years back - before the new owner and was not flat). Anyways, I put it on my high speed 6x48 belt sander with 40 grit Aluminum Zirconia and kept it moving. It was pretty slow going believe it or not and the bad part... it took chips out of the stone in the center.
Well that said, I did find a better way to rough out a stone. My wet/dry grinder's slow wet wheel works pretty well.
The big problem with the Hall's stone is that they were Convex which means you have to make it a little concave before actually flattening or it'll just rock on the flat plate when sanding and remain convex instead of going flat.
That also said, I wonder if I could have just paid a willing machine shop with a blanchard grinder to flatten this thing in a few quick swipes...