Yes , assuming you have the fault signal going to the IP-A, either directly of via and E-Stop string or whatever, then the motion would stop when that happens.
Think probably I would go with the standard motor for now and see how things are. Keep an eye out on eBay for a bigger drive/motor later if you need to.
BTW I forgot you do not have 3 phase so the one I mentioned wouldn't do anyway.
There are often drives on that would drive that motor I linked to but prices vary and are often crazy which makes the Chinese ones look good.
Sad thing about the Chinese motors/drives though, is as you have found out, the limited top speed.
Hood