Given the age of the machines and motors, and for what you are going to pay for 2 VFD's have you considered an RPC? You can use a VFD with an older motor but you need to keep the carrier frequency lower, around 2-4kHz so a bit of a whine when using them. Mitsubishi are not a common VFD in hobby circles, all though a few people have used them. I would recommend going with the Teco drives, a little easier to configure. If you are looking for drives with a removal front panel and also the ability to handle an external braking resistor (should be used with the lathe) then I would look at the Teco E-510 series, something like the EE510-201-H-U (1 Hp), EE510-202-H-U (2Hp) motor. They are a little less then say the Hitachi WJ200 and the front removal panel is nice. Check with the dealer, as you may need an extension cable and not all versions have a removable front panel. Wolf Automation has better tech. support, price wise very close. I can look into suggested program parameters, but I feel an RPC may be an easier and maybe less expensive at the end of the day.
1Hp
E510-201-H-U quick delivery, authorized Teco Westinghouse distributor. Offers complete line of AC Drives . Easy online ordering, rewards program, and great pricing.
www.wolfautomation.com
2Hp
E510-202-H-U quick delivery, authorized Teco Westinghouse distributor. Offers complete line of AC Drives . Easy online ordering, rewards program, and great pricing.
www.wolfautomation.com
2 HP VFD, 230 Volts, NEMA 1/IP20, Teco, E510-202-H-U Variable frequency drives are a device that varies the speed of a three phase motor.
dealerselectric.com
As far as relays/mini contactors and auxiliary power for the lathe latch, I typically use a small 24VDC power supply in the range of 50-75W. These run off of any input power from 100-240VAC, and are inexpensive. I use the MeanWell power supplies, or the Rhino from Automation Direct. The relay/mini contactor only takes a small amount of power, but you can run 24V LED lighting, tachs, etc. I do not use AC relays, as the latch can drop out in some cases. The relay plugs into a base and you wire up the base. On the mill, I would juts use the remote panel. I get most of my supplies from Automation Direct.