Grinding executed in a lapping configuration is an alternative finishing process benefiting from both grinding and free-abrasive machining, while minimizing the heat effect impact. Electroplated tools can be effectively used in different abrasive processes, including high-speed grinding, however, the assessment of machining performance over time is a key factor in their correct use to achieve satisfactory technological results. In conventional grinding, bigger grain-coverage provides better results due to the higher bonding strength of grains. In lap-grinding, fracturing and crushing of the abrasive particles initially covered by the plating result in a suspension which is typically dosed continuously in free-abrasive machining. Due to this, the process transforms from two-body (grinding) to three-body abrasion (free abrasive machining) which may result in reduced grinding performance approaching asymptotically a specific value while improving surface finish. The main aim of the presented study is the evaluation of electroplated CBN tools used in lap-grinding of 40H alloy steel workpieces whose hardness was 54 HRC. The obtained results and observations of the working surface of CBN wheels and workpieces allowed for the identification of the wear characteristics for three nickel plating thicknesses corresponding to 35%, 50% and 65% of the nominal CBN crystal size and for specific process parameters. The surface roughness Ra parameter decreased gradually from the initial value 1.9 μm to the values below 0.7 μm for bigger B107 grains and for all plating thicknesses. For smaller B64 grains, the surface roughness and waviness parameters reached similar values to those obtained for the larger B107 grains at corresponding processing times. The lowest value of Ra parameter below 0.4 μm was obtained for B64 grains and for the thinnest plating but with a 50% reduction in material removal comparing to B107 grains. The Preston equation was employed to calculate the material removal as a function of time under variable process conditions in the machining zone due to the tool wear. This attempt extended the range of the material removal modeling, despite the fact that the electroplated wheels were subject to wearing down resulting in the gradual reduction in the efficiency, as well as in the change of the working conditions in the workpiece-tool contact zone.