Doubts creeping back in again on the spindle motor - 1.8kw servo seems to be the biggest i can get that runs at 3000rpm, but is it big enough? The 1.5Hp motor is 1.2kW so I was guessing at its minimum mechanical speed of 2:1 on the reeves drive it would be equivalent to 2.4kW as its about a 2:1 or 1:2 speed range on the 1440rpm motor.
However, the drive itself takes a fair lump of that power as they are not that efficient.
So the options are still the same - build around the std motor / vfd and have possibly very vague speed settings, or throw in the 1.8kW servo and suck-it-and-see.
I guess a servo just bogs down until the drive trips on over-current if the spindle is pushed too hard?