Bridgeport Manual to CNC conversion...

[JAZZCNC]

Bingo! Much better than your VFD approach. Have a look at the ones rated for spindle usage. They will work better at higher rpms.

I agree George the AC Inverter Spindle Motors are the correct approach but they are still often controlled via VFD or Inverter. My Semco Mill as 5Kw Inverter Spindle Motor and that is controlled via ABB inverter.
Difference between ordinery motor being will spin to 7500rpm and still provides lots of torque.

The latest AC Asynchronous Servo Spindle Motors are great but would be completely OTT for Old BP like this and cost more than the whole setup.

Personaly for the price of cheap VFD I'd use what you have. If the BP motor is upto it and you have tapping head don't see the point.?
Edit: I might be tempted to remove the Variable drive setup and go direct drive but wouldn't bother with Servo unless need the Indexing etc it provides. Even then this is possible to lower degree by fitting an encoder to vfd provided it supports this option.