Jay,
I was thinking more about your VFD hookups. I realized I made the assumption that your speed controller is set up for the Huanyang VFD. This may not be accurate.
This is what I used for my mill setup (from page 37 of the user manual):
View attachment 105527
I suspect (after giving it more thought) that your controller expects that when the FWD relay is active, the spindle rotates forward, and when the REV relay is active, it's reversed. However, the Huanyang VFD doesn't seem to work that way.
So connect the COM of both relays as I previously said, but then connect both NO terminals to D1 of the VFD and the NC terminal of the FWD relay to D2 of the VFD.
That way, when the FWD relay is activated, it will open D2 (this will make the rotation forward) and it will close D1, which causes the spindle to start.
Alternately, when the REV relay is activated, D2 is closed already selecting reverse rotation, and D1 will close causing the spindle to start.
View attachment 105530