Rooossone
Easy way is to take a separate 240 single phase feed to the transformer to run all the accessory stuff and completely isolate the motor before connecting direct to the VFD. Up to you whether you control the motor direct from the VFD or use a remote pendant. Pendant is more in keeping with commercial workshop practice but I've never seen any reason why fitting a VFD with a decent case up where the forward – reverse cam switch goes shouldn't be both safe and practical.
Certainly the fast way to get going.
You could run both VFD and transformer off a single plug but probably better to have a separate switched inlet for the VFD so the motor can be positively turned off.
Having the motor drive VFD completely separate from the transformer supplied parts looses the integration between spindle and other controls. It's perfectly practical to take the main power feed through the contactor that originally supplied the motor keeping the standard integration. The stop switch on the standard knee mounted box then acts as an emergency stop, not an ideal one but functional. The real work of controlling the VFD being done with the pendant or on box controls.
I started to figure out an arrangement of that style before one of Drive Direct whole workshop plug and play systems appeared at an affordable price.
Clive