I have just finished this exact job on a Bridgeport
I asked the same questions re servo or induction drive.
The overwhelming response and what i went with in the end is to fit a 3Hp induction motor, VFD and if using a CS-Labs controller like mine, throw in an encoder too.
This little setup gives me Mach3 speed control from 300 to 3000 rpm without using gears, rigid taping, and its much quite than the old vari-speed mechanical system that it replaced.
The thing with a servo is that it needs to be big to get proper torque and power input, big is easy but big AND fast is not - they are £££££ and for little benefit as the BP has not got much chance of having an ATC so no need for spindle indexing.
Rigid tapping made it worth doing on its own
If yours is the normal BR2J head machine, I have a file for the adaptor plate if you want it that mounts a standard frame 3Hp face-mount motor. I used a Bosch VFD and braking resistor although I only have it stop in 3s as instant stop is a big strain on the old girl.
Belt was 30mm HTD 8 and pulleys were 1:1 ratio.