Bill,
I run Mach4 these days, but used to run Mach3. The symptoms you describe sound just like mine, when I was first setting up Mach3. The problem was the way I set up the Pulley Selection screen in Mach3. Knowing that spindle can't do much below 8K RPM, I mistakenly set my minimum speed on the pulley screen for 8,000 RPM. Made sense at the time, but that caused my spindle to top out way too slow. I didn't check voltage output to the VFD, but should have. Anyway, it took reading everything I could get my hands on and puzzling over it for some days before I connected the problem with the Pulley Selection screen. I went back in, changed the minimum to zero and left the maximum at 24,000, and viola, problem solved. The spindle ran as it should.
Maybe this could be what's causing your problem? I'm not a great diagnostician, but I noticed your description seemed to match up with the one I had.
Attached is a picture of my Mach3 Pulley Selection screen after I got it running correctly. Sorry about the poor quality, but it is a cropped screen print.
Good luck,
Gary