That should work fine. It's the way I would do it. I would wire it so the E-stop cuts power to the relay coil, but require another button push (control power ON) to energize it again, a standard 3 wire control. That way on a power fail it stays off, also just pulling the E-stop out won't energize the system. Just adds another layer of safety.
Ignore the OL contact in the drawing, not needed in this case.
View attachment 135816
When turned by hand, the motor becomes a generator and the power is fed back to the drive. Under extreme conditions, you could damage the drive by hand cranking. You need to break the connection between the motor and drive. This requires a 4 pole switch, could also be done with a 4 pole relay. But......You need to power down the drive before you break the connection so you don't damage the drive. The drive can be powered down under any condition, no problem there.