I have updated the electronics, with more or less success.
I used Granite devices servo controller with step/dir control. Servo has about 150Vdc input. I made a simple powersupply with rectifier bridge and large capasitor, as I'm using a large 240Vac-100Vac transformer anyway (stepper drivers are 100Vac). There is inrush current limit resistor, shorted by a relay (controlled by PLC) after a few seconds from power-up. This spindle servo setup should work nicely for toolchanger rotation with swapaxis.
I used the 5-phase stepper controllers UDK5128 but at the moment I have quite limited torque available, even though all X,Y and Z motors run. Propably some wiring problem with the steppers. Everything runs ok, homes ok, but available torque is much too small.
I used Granite devices BOB (very nice!) and a chinese BOB (took a while to figure out with chinese manual) for 10 input channels and lots of outputs. Connects to two LPT ports at PC. I get RPM to Mach from spindle encoder index output up to 1000RPM, but at high speeds the 1 us TTL pulse is too fast - have to pulse stretch it with cmos 555 monostable circuit. I added X and Y limit switches as the original didn't have any hardware limits. There is also an Omron PLC for making things like home seek work better - first home seek to the limit switch and then backwords to the axis index pulse with PLC KEEP command (limit sets PLC output on, until axis index resets output off). The PLC is great.
Attached is a schematic of the motor and servo control. This schematic doesn't include limit switches etc. but gives a good idea.
I have not yet made the programming for the tool changer because of the torque problem. There is not enough Z motor torque to operate (lift) the toolchanger when it hits the lever that frees the tool. I really just recently got this far, have to start wondering about the motors next. They definitely must be connected in penta (instead of star) for the controller, but the EMCO schematic contradicts Berger-Lahr schematics a bit.. So don't trust the motor pins in the schematic.
BTW: I have a complete working TM02 controller for sale! Make offers if interested. Everything worked when I disconnected it. I have replaced NiCd backup battery so it keeps machine data properly. Shipment to Europe no problem, I can put it on pallet and arrange very reasonable freight by truck in 1-2 weeks to anywhere in EU.