Hands down - VFD. You want the variable speed and the braking capability of the VFD.

Foe mine, I replaced the original 1 hp motor with a 3 hp aluminum frame motor. I think I paid around $250 for the motor. I went with the 3 hp to make up for lost torque because I went with a single pulley - this way no more changing belt position to get a wide range of speed. Leave it in a high speed position and use the VFD to lower the speed.

You have a few options for braking with a VFD. The best solution is to use a dynamic braking resistor. I use DC injection - not as good but is decent and easier to implement.

Don't plan on listening to AM radio when the VFD is on................