This 10EE never had a MG. It is the earlier version with the Sundstrand hydraulic drive, which apparently has been removed. Unfortunately, without the back gear unit that came with the DC drives (be they MG or tube), the machine won't have nearly as much torque at low RPMs when running from an AC motor and VFD.
I don't know very much about the series 50 drives, but it having a DC spindle motor doesn't sound right. If it's the typical 3-phase AC motor, a RPC would be a better choice for a motor that big. A VFD that can run a 10HP machine would be very expensive. Can you post photos of the data plate on the series 50's motor and the control box?
Cal