There is significant momentum in the lathe that will result in too much regenerative energy if stopped too quickly (like under 3 seconds but depends on the chuck and speed), the VFD will then freewheel to a stop. I use remote switches to control the lathe functions, along with custom panels for the control systems I build. Depending on the machine I will put the speed pot in the front control panel or in a small enclosure along with the RPM display. The VFD is usually in a separate enclosure that is sealed to keep out swarf, etc.
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