Welcome!
I’ve fitted the Newton-Tesla set to my Myford ML7, and am very pleased with it.
Do make sure the swarf cannot find the motor if it is not fully-enclosed. A short-circuit inside that from swarf penetration is more likely to wreck the inverter than the motor (and in my case it tripped the whole home supply too).
I fabricated a comprehensive splash-back / motor guard from 3mm PVC sheet, concealing the motor but still allowing plenty of air flow.
Do note that such a conversion should not be regarded as a complete replacement for the countershaft and back-gear drive, but augments it, as the motor should not be run at very low speeds for more than very brief manoeuvering.