With a 3040 type machine, I assume that you need Step/Dir control. I like the PMDX, ESS, Pokeys, and the HiCON controllers (in no particular order) for Step/Dir control. They are all good controllers. All of them will blow away what you have. Pick one that fits your budget or machining preferences. You will want to make sure whatever you pick can run your spindle drive.
Steve