YAY! My shop moved and I now have access to a 220V single phase (NEMA 14-50 plug, USA). My current setup is a small 1.5Kw ER11 air cooled spindle and a 110V VFD. Currently when cutting through hardwoods, and watching the VFD, the spindle stalls out around 2.5amps. I would like to upgrade and wondering where the money is best spent. Pics attached of my current gear.

Budget is around $200.
1) Should I go for the cheap 2.2KW water cooled spindle and VFD combo off of eBay?
2) Buy are really nice VFD and upgrade the spindle at a later time (When I get more funding)?
3) Something else?

Thoughts?