As an example, the Hitachi WJ300 is a sensorless vector VFD. Cost me under $350 if I recall. There is a WJ200 also. I bought mine w/ a remote min-keypad. then you can mount it all, wire it, and have a keypad w a flip up lid or panel etc... On the low end, The ebay Hunyang's VFD for a 1 or 2 hP are something like 80-$100. If it were my Mill, I would go w/ a Sensorless Vector style on the mill. If it were a small grinder or something- then I would go low end VFD.
I also have a Varispeed Mill setup w/ a VFD on CNC. It does make a challange for setting the RPMs via software. If you find a keen way to get this setup for the drive train I'm all ears!!
Welcome and post away- I know I have and they are awesome here!!!!
On the clean out/up- Does it have a one-shot oil system? Aluminum or plastic tubing? Mine was all plugged w/ goo. Had to remobe them all. Soak and blow out w/ compressed air! To me- Making sure I get oil in key places was an area we spend time upon.
the table will have the usual adjustments. I likes this one as a Newb.
Electrical connections and disconnects. On my hobby mill w/ VFD I found wire post after wire terminal loose and barely screwed down. Check it over there.
When my mini mill blew up after 1 week I determined someone had put the lollipop disconnect across 1 leg of the 220 into the VFD in order to turn the VFD based machine on/off. Total no-no That is what blew up the cheap VFD . So I installed the WJ300 w/ the correct make/break setups to power that mill on/off.
Jim D. turned my onto Automation Direct. LOVE those guys! They also have a student discount typically! find a way there if you can. a .edu email if I recall.
there are a lot of motors out there. I learned a ton about them from sites. I liked this article.
http://ecmweb.com/design/mating-new-variable-frequency-drives-existing-motors
There is also a large motor reuse/New Old Stock up in Lansing or Saginaw if I recall. Lots of good deals there. I'll see if I can fine the URL.
btw/ I grew up in Westland. Venoy and Warran rds. long time ago!