Ill have to try. Wont have the 2 speed tho...That little box is supposed to generate 3-phase from 1-phase 220v power?
It looks like it could be a static converter which would work, but you would get only 2/3 motor power.
Lots of people use them though, they are simple and reliable.
You might want to try bypassing the reversing switch and just
connect the motor direct to the box with temporary extender wires