It's possible to regrind a spindle in-situ. The danger is that if you remove too much material then the tools will sink too far, and either bottom out, or not be properly clamped by the drawbar.
The amount removed may be small, but it is mutliplied axially because of the taper angle.
It's not as bad with a 7/24 taper like SK/BT/CAT as it is with a lower angle taper like Morse.
Here is one way to do it, using a Dremel.
It's critically important that the point where the grinder touches the spindle is exactly on the XZ plane, or the taper angle will be wrong.
Taper angle is atan((7/2)/24) = 8.29714 not atan(7/24)/2 = 8.130
I mention this as I made a few tool holders to the wrong angle by getting this wrong and you will find the same mistake made in various places on the internet.