True you could remove most/all of it, but if you just are looking for a simple VFD install and do not want to figure out a new control system, you could remove the high voltage wiring to the forward and reverse contactors and use on set of NO inputs to trigger the respective VFD forward/reverse inputs. Even simpler is to snap on an auxiliary contact block with a NO switch to those two contactors and use that for the VFD run commands. No wiring changes needed, just direct connect your motor to the VFD instead of the terminal strip. That way all your controls working exactly the same inclusive of all the safety interlocks. There is one added wrinkle in wiring up a lathe with a foot brake is that the brake switch should be replaced with dual pole switches, one side (NC) maintains the current wiring, the other NO switch block is used to connect the VFD common/P24 to a programmed input for the free-run (base block) command. This way the VFD will not fight the foot braking when stopping the chuck.