Yeah will defiantly go with the two speed (High/Low) just need to work out what size pulleys to use.
Yesterday I wired up the VFD and had the spindle running, because that original tensioner I had on there doesn't run bearings it didn't run very well, it was was very loud and wobbled a lot.
So I decided to spend a few hours making another temporary one with a cam follower type bearing. It runs smoothly now, there is still some gearing inside the head stock that probably could come out as well to bring the noise down even more. Hopefully I did this one right.