There is a difference between the settings for a water cooled and air cooled spindle. If it's air cooled you should limit the minimum frequency to 120Hz (i.e. PD11=13) since if operated below that the airflow wouldn't be sufficient to cool the spindle. For the water cooled spindle you can set this to as low as you want, since the cooling effect of the water is the same regardless of speed. The spindle torque is practically zero below 3000rpm, so I recommend setting it to 50hz. None of the other settings need be different for the water vs air cooled spindle.

The settings John S posted look like they're for a 1.5kW VFD and spindle, since it says the current 'only goes up to 7 amps', but the 2.2kW version VFD allows much more. The eBay listings say to set this (PD142) to 8.5A.

I've put the English manual here, since if you look at the list of settings it's pretty obvious what the important ones do.