Hi Glenn,
I'm quite content with my setup as I ordered it. I can indeed adjust the speed infinitely, but I normally utilize the belt changes and the low range just fine-tuning speeds w/ the VFD. I have not experimented much with relying on the VFD like you are asking because I don't feel that belt changes are much of an issue. I know some guys hate belt changing, but for the extra cost of variable speed and single phase, no thanks. I also prefer the simplicity of the belt machine in case anything ever needs repair (and maybe simplicity means it's less likely to break?)
I also haven't tried the speed at max, but with the VFD you can crank up the Hz beyond 60 for extra speed (you'd need to check w/ Matt or Ray on whether that's okay for the motor and bearings, though.) Matt provided these parameters for the VFD (I added some other parameters of course, but these get you up and running):
F001 60.00
F002 2.00
A001 01
A002 01
B037 01
B031 10
B091 01
Bottom line is that I'd buy this machine again and I'd order it the same way.
-Ryan