I have never done a 125 but I have done an easiturn and a compact 5. Usually you can keep the spindle drive controller and motor. Keep the axis drive stepper motors but get rid of the stepper drivers (modern micro stepping drives are much better and smoother in my opinion ). Limit switches can be kept and if you have a tool changer it should be possible to make that work.
A rough list would be:-
1) Two micro stepping drives
2) A break out board (Has a socket that a printer lead or similar connects and terminals that allow you to connect the electronics to the PC.
3) A 0-10v spindle speed interface if not on the breakout board (this allows mach to change the spindle speed)
4) Wire, connectors and other bits and pieces of electrical hardware.
It isn’t to difficult if you take each stage at a time and the end result is a much improved machine.
Apologies if I’ve forgotten anything (others will be sure to say) and good luck with the project. If you get stuck you can PM me.
Regards.
Dave