Like the Hitachi WJ200 series, you only need a WJ200-015SF (2 HP CT) about $250. The strength (lots of features) and weakness (challenge to set-up until you have done a few) is the programming, they have a very good reliability record. On a mill, it is probably overkill, you would do just fine with about any sensorless vector VFD. Haven't used the TECO drives, but they are quite popular. I agree with the previous post for the JNEV, their sensorless vector EV micro drives; JNEV-202-H1 230V single phase in to 3 phase 2 HP out ~$190. One reason to consider the TECO (name brand) over the generic VFD brands, is a manual that is well written and warranty support.
When you set-up the VFD, on a mill I would use either a remote VFD panel, or use a 3 wire commands with a forward/reverse switch and momentary start/stop switches. Stop button or power glitch kills the run command. On my mill, I use a VFD for the spindle, X and Z axis drives.