Yes the VFD is the modern answer. I bought a big Mazak style Chin Hung lathe from the government auction site, I changed the motor from 600v to 208, and then gutted the entire electrical panel on it. The VFD replaces all the speed and reversing contactors and also has an internal brake that stops the lathe instantly. I can also set the speeds better than before. Motor was 550.00, Vfd was 700.00, Total investment was 3250.00 for a really decent machine.