Are you wanting to feed 240 single phase or 120 to your machine? You can mount your choice of VFD almost anywhere but most are designed to be in some form of enclosure. Bring a properly grounded 3 wire cord of at least 14 awg to your VFD. From your VFD run a 4 wire cord to your motor, 3 line conductors and a ground. You can also run them in flex, but depending on where you mount the box sometimes a cord is easier. The switch that is on your machine presently can be used to power forward and reverse but it will not be used to switch the mains, only the low voltage signals that you will get from the appropriate terminals on your VFD. You will need to find the appropriate contacts in the switch, you will need typically 1 common "hot" and 1 each switched normally open contacts, the manual with your VFD will give you several choices of operation depending on how you want to control your machine. If your VFD has a remote operator panel you can buy a cord to mount it where you can see the display for speed reference and control, you can control the lathe from the remote panel but it is usually better to wire separate control switches for durability. You usually can use the remote as a display without too much problem, along with the control potentiometer if it has one. If it doesn't have a pot you will need to get one of the appropriate resistance and mount it conveniently in its own box, if you buy from a source like Factorymation or Automation direct, most times you will be able to get choices of components that will work with your application and assistance if you need help. I would recommend that you stay away from the cheapo chinese units . Sorry for the long winded response, take pictures of your installation once you are done please and ask as many questions as you need to, most people on these boards are pretty helpful. Jim