For stopping, and not for the reverse problem, if you want to do it electrically, a VFD with DC injection (not all have it) is going to stop the motor quickly. How quickly depends on the DC current used/allowed by the VFD for the stop.
This is not problem-free. When you do a DC stop, the energy of the stop goes into heating the rotor portion of the motor. * That can build up over a number of stops.
You mentioned threading of coarse threads. That can be an issue for the DC stop, because you will be repeating the stop fairly often. The only ways the rotor can get rid of heat is, first; radiation into the stator metal. That is not particularly efficient. Second; if the rotor has fins cast into it to form a fan, then those will dissipate heat well while the motor is running, but not much while it is stopped.
So, one solution is just to add another idler motor. For reversing, or using reverse to stop, you will want the total idler capacity to not be less than 2x the connected motor. More than that may improve reversing.
You have a 5 HP (actual motor HP, I assume) idler, and run a 5 HP motor with that. OK, that works. But direct reversing is a much heavier load, and needs more idler current capacity. You would need to connect another at least 5 HP motor as an added idler.
Doing that will not load down the RPC as far as the generated leg. But it will load the power source, doubling the current draw from the electric service vs what the 5 HP idler draws.
A 5HP motor at full load will draw about 15A 3 phase. It will likely draw about 6 or 7 amps at no load. Used as an idler, it may draw a bit more than 7. It may draw perhaps 10 or 12A when driving a load motor, because it only supplies 1/3 of the load motor power (the rest comes from the two direct legs) So another idler will draw another 10 or 12A, and the load 5 HP motor may draw 15A per wire at full power.
So you would have a total current draw of maybe 35A from the power source when running the lathe at the full 5 HP with the extra idler connected. If you were not going to do reversing, you would not need the extra idler to be connected, and draw would be about 25A (estimate) max. At most times current draw might be under 20A when the lathe is not at full power.
Using a VFD is possible, but may require changes to the machine controls, and seems like extra work, when you have an RPC and may be able to add an idler at relatively low cost. A used motor would be fine if it works.
I do not know (maybe you said?) what the supply rating is. If you cannot get enough current, then a VFD may be your only reasonable choice, since rewiring will probably cost more than the VFD.
*
Rotor heating:
The constant magnetic field from the DC is going through the steel of the rotor. The rotor has "windings", the rotor bars and the shorting rings on the ends of the bars. Those rotor bars will then have a pretty heavy current induced in them, by generator action, and will then have losses due to the bar resistance.
In extreme cases, with the aluminum casting alloy used in the bars, the heat may actually melt the relatively low-melting aluminum, which obviously destroys the motor. You probably would not get to that point, but it can and has happened.