An important question is whether the original motor is a wound field type or permanent magnet. My Novamill is a PM type. How many wires go in to the motor? If only 2 then it's PM, if 4 then wound field.

The controller you link to is I think OK but may not have the supply terminals for a field winding, the data is very sparse. Lots of these "generic" Chinese controllers do but if you need it and this one doesn't then it wouldn't be suitable. The other question is whether you want to control start/stop and speed? As supplied it looks as if this drive just has a manual potentiometer control. I believe these drives have an isolated control input (that is, not connected directly to mains voltage) but if it doesn't then it isn't safe to connect to the usual 0 - 10v speed control output, an isolator is needed.

In the UK KBE motors are stocked by Axis Controls and this one has the right rating:

https://www.axiscontrols.co.uk/produ...eed-controller

This does support a wound field (or PM) but does not have an isolated control input. KB also make an isolator:

https://www.axiscontrols.co.uk/produ...ard-kbmm-range

Together these cost ~£240 which is a lot less than £1000 but you do get proper industrial rated products.

This is on eBay:

Claims to be fully isolated and can be driven by PWM input. What CNC controller are you using?