There are 5 ways to go re: VFD:
1. TECO FM50
-cheap from dealerselectric.com (call them -- this model VFD has been rebadged by many sellers, and you can often get one badged GE or something for even less).
- Everyone uses these
- NOT COOLANT / CHIP PROOF -- you'll smoke the VFD if chips get in. Put it far away from the action or get it into a NEMA 4 box.
CONS:
NOT sensorless vector control, so torque suffers at lower speeds. Not ideal for a drill press...
2. TECO JNEV
-Like the FM50 but with sensorless vector control. Worth it, since your torque improves at lower speeds. Still pretty cheap. Same problems with coolant/chips/smoking unless you buy the NEMA 4X version. Many people build their own enclosures...I did this with my first one, and found it took forever and cost as much as upgrading to the NEMA 4X version.
3. KBAC
- In my opinion, this is the way to go. Aluminum instead of plastic enclosure, NEMA 4x out of the box (so no problems getting it wet with coolant or covered in metal dust/chips).
-This is what Burr King and KMG grinders use from the factory
-Since they have NEMA 4X enclosures already, they are actually cheaper (or the same as) buying the TECO units+buying NEMA enclosures for them
Here's where to get them (no affiliation, but have shopped around a fair amount):
http://www.electricmotorwholesale.com/DRIVES-KBAC-NEMA4X.html
Here's the one I would buy for your drill:
http://www.electricmotorwholesale.com/9987-KBAC-24D/
$240 gets you a VFD that has been industry-proven with an aluminum, NEMA 4X case that will run your 1hp, 3PH motor on any household 115v single phase outlet. They will configure the VFD with a reversing switch for an additional $20, or add your own.
4. KBDA VFD
- Same as above, but with digital readouts and more bells and whistles
http://www.electricmotorwholesale.com/DRIVES-KBDA-NEMA4.html
5. Get a cheap, non-NEMA4 VFD on ebay and don't worry too much if you smoke it.
After playing with VFD's quite a bit, I strongly recommend a KBAC or KBDA unit with NEMA 4X rating, or just grab a cheap one on Ebay and don't worry about it.
ALSO, all of the VFD's above can be purchased to run your drill press on 115v (single phase household power), but confirm this before you buy since they all can be purchased without this option.
Pro-tip #2 -- Use liquid-tight conduit and fittings from your VFD to your motor. Mcmaster-Carr carries them (search 'liquid tight conduit')
P.S. nice drill press!! I haven't seen a slow-speed Buffalo 18 with both the production table and the table raising crank. You found a nice machine.