Hi Chris,
I only have a single speed Bantam, but i fitted a VFD using a pendant control. I mounted this box on the fibre glass gear cover and only use it for controlling speed and direction. One day I will add in the foot brake to the circuit but so far have not found it necessary.
You will have to work out how to run your coolant pump from single phase but a large capacitor should help there.
Luckily my motor was capable of running either star or delta, so fitting was a doddle, if you buy a modern motor you should have no problem either, although you might want to get a 2HP motor to give you the same power you had before when in high speed range.
If you are even just thinking of doing it, stop thinking and do it, the benefits are remembered long after the cost is forgot.
chriStephens