Hi Sal,
I am glad my velocity settings were of use. WRT to the spindle speed, I will not be near my 940 until next week. However, if you have specific measurements or Mach3 setting observations you would like for me to make I will try to do so. Just let me know.
If you have a volt ohm meter (VOM) you could measure the speed input voltage (DC voltage) at the VFD to see what it is set at. You did not mention what rpm your spindle was turning at, but from your first cut photo it is obviously turning at some reasonable speed. The VFD input voltage is suppose to be between 0 and 10 volts (DC) for min to max speed, respectively. If it happened to be connected in error to one of the logic level pins it might be around 4-5 volts and would cause the spindle to turn at roughly 1/2 max speed. If you do not have a VOM you can get a cheap one at Harbor Freight or on the internet. Harbor Freight has a poor quality one that they some times promote for around $5, but it works for most simple measurements. Amazon probably has be better one for $11-$25. A really good one would cost several hundred $ (Fluke).
When I first got my 940 I checked my spindle speed against the Mach3 settings. Of course Mach3 does not know about the mechanical gearing and so just reads between 0 and 1000 rpm even if the gears are changed to cause the spindle to be 3200 rpm max. Nevertheless, I found that the speed displayed by Mach3 was about 10% off from the actual speed.
To do this measurement I used an optical strobe. I had a digital function generator which yields an accurate square wave or pulse wave frequency reading. I used the generator to drive a bright LED and put a piece of white tape on one of the splines on the spindle shaft. I turned on the spindle and then adjusted the generator frequency until the optically strobed white tape appeared to be stationary. With one measurement made I then could change the Mach3 settings and adjust the generator frequency to the speed it should be and see if the strobed tape was again stationary. Things were not perfect, but were reasonable given that everything is open loop and analog.
If you want to get a function generator or a pulse counter you can purchase a cheap one from Banggood or Aliexpress, but shipping from China will take a month or so. Ihave no idea if they are any good. I do not know what Harbor freight might have. Amazon will have a digital function generator, but will cost at least $60-70. A really good one will cost a lot more. Here is a generator URL that might work. The specs do not say anything about the load that it would drive except TTL. Normally a funciton generator would drive a 50 Ohm load. From this one can calculate how to connect a raw LED.
https://www.amazon.com/KKmoon-Precision-Dual-channel-Generator-Arbitrary/dp/B014KT3IT6/ref=sr_1_5?crid=188CMPJLMZUXV&keywords=digital+function+signal+generator&qid=1553745100&s=gateway&sprefix=digital+function,aps,188&sr=8-5#feature-bullets-btf
Example LEDs:
https://www.amazon.com/DiCUNO-Emitt...lectronic+led&qid=1553746085&s=gateway&sr=8-3
If you want to pursue all of this and do not have an electronics background I can provide more details.
Dave L.
PS. I another Amazon search for a tachometer. This might be a better method for measuring the rotational speed and only costs $17. Amazon has a review movie where someone was measuring spindle speed!!! it only appears to go up to 1000 rpm, but that is probably good enough.
https://www.amazon.com/AGPtek®-Professional-Digital-Tachometer-Contact/dp/B004Q8L894/ref=sr_1_26_sspa?keywords=optical+strobe&qid=1553746280&s=gateway&sr=8-26-spons&psc=1