I would want a very well written data sheet for the board to read before I bought it. There are a number of different resolution encoder chips and I would want to make sure it had a fine enough resolution to match the motor and purpose it was to be used for and also that it was compatible with what you have already. If you have a 1.8° (200 PPR) stepper and a 1.4° (64 PPR, 256 edge, 8 bit) encoder chip will that cause problems?
If this is a new problem on an old system then what has changed?
Consider dumping the parallel port if you can. How do you know that this very old piece of technology is still putting out good enough signals to be sure it is not the source of the missed steps. Some of them were a bit close to the acceptable voltage limits even when new. It doesn't take much to interfere with the pulse signals from a parallel port. They were not designed for CNC signals after all. Also if you use these boards then there will be options for detecting lost steps or the magnet falling off the shaft. Do you have enough inputs on a parallel port system to respond to these error signals to stop Mach3 from carrying on as if nothing has gone wrong?
I would be wary of spending money on these boards before checking everything else in the system first. Start with the mechanical setup as suggested by John. Have you got an alternative computer to drive the parallel port for the purposes of checking if that improves the system? Can you decrease the acceleration and top speed of the axes in Mach 3 without causing problems. Could you upgrade to a well proven setup such as a Smooth Stepper? Could you use a gearbox on the stepper output to improve torque at the machine. What about the cost of matched closed loop motors and drivers compared to mixing and matching bits from different manufacturers in the hope they will cure the problem. Lots of things to consider before spending on these boards. I can just imagine having a problem and the board supplier saying speak to the manufacturer and the board manufacturer saying not our board that is the problem, speak to the motor manufacturer. What if one of them says it was not designed to be used the way you are using it? Bit of a minefield that you are going into as you may become the research and development department for other people and we all know they are an expensive part of any group. Have you found anyone else who has gone along this path?
You have mentioned cutting and 3 axes so CNC milling seems a likely use. Are you using climb milling or conventional milling. Conventional requires more torque from the axis motors but requires ball screws for low backlash. Something to consider is that if you use larger diameter tools, tougher material or higher material removal rates than the original machine design was meant for the higher the torque required from the motors. Have you put a larger vice or rotary table on the machine. These increase inertia and friction. Have you changed from sharp HSS or carbide to relatively blunt insert cutters? These increase the required torque from the stepper motors. Have you adjusted the gibs recently and set them too tight? Is there enough lubrication?
Martin C