While it is possible to include AngularJS as part of the rails assets, I think it is better to setup the angular code base on a standalone folder, leaving the rails app as a (more or less) isolated backend.
During development, you need to run both rails and the grunt server. The grunt server takes care of serving the assets (yes, it can serve coffeescript if you like that) and doing the live reloads.
We simulate that the whole environment is a single web application by running a proxy inside the grunt server. At some point during the production deploy process we'll be consolidating the whole angular app as a set of static assets in rails' public/ folder.
Here's a diagram of the stack during development:
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