Missing from the discussion so far is the question of what to do with the existing switchgear. There's a three phase contactor with a pushbutton starter and overload in there somewhere, which has become redundant. Not to mention the circuitry for a suds pump, also a lo-volt light, and a control voltage transformer and the associated fuses. Just strapping a VFD onto the motor terminals doesn't use any of the original stuff. Does the M250 have a two speed motor?
I assume the plan is to ditch the existing controls and have a dedicated pendant replacing their function. You can live without a suds pump, and the lo-volt light (converted to LED) could take its power from a wall wart of a suitable specification.
However, for my taste there is a much neater solution waiting to be built, namely converting the existing push button controls to be the VFD "Run" input, and something for the emergency stop function, also for the spindle direction. At its crudest the on-board red/yellow isolator switch meets the requirements for an emergency disconnector, though keeping the functionality of the E-Stop button would be a better alternative.
It would be a shame to scrap the existing original control panel completely, these controls need integrating into the new circuitry. It's a pretty little machine and it would be nice to retain its appearance.
If this machine is one of the ones with a spindle brake, the micro switch for this needs to be connected into the RUN circuit so the motor de-energises when the brake is on. There is also a comment on Tony's website about some of these having a kick stop switch, though this doesn't seem to have a brake function.
There's more to this than buying a VFD on ebay and pressing the ON button.
Simon