I've converted one of these to mach3 for a customer. Pretty much everything needs to be removed except for the Spindle board.
Personally, I wouldn't use MX4660 as there are cheaper better options if you use individual components.
I'd also suggest you go with an external motion controller rather than use the parallel port as it's much more reliable and when used with good Digital drives turns this machine into monster compared to using Boxford setup.

The setup I used was this.
Cslabs IP-M motion controller. This is high quality controller that provides 24Vdc I/O with spindle speed controller. It removes the need for breakout board which is source of trouble on many machines,

Leadshine EM503 Digital drives
44Vdc toroidal PSU

Unfortunatly I didn't take any pictures of this conversion but it's very similair to this one done on Denford Router.

Click image for larger version. 

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