It's certainly a lot of metal for the price. Even if the ballscrews are useless and the ways are worn out, starting with a massive cast-iron frame like that puts you ahead of the game.
If you've got 220v single phase power, you should be able to run the existing 3-phase motor with a VFD; just get one that's rated for a few horsepower more than the nameplate on the motor calls for, since there's a loss factor when converting from 1 phase to 3. I don't think you really need a toothed belt to keep track of the spindle rotation; most people do that with a single-point encoder, which isn't hard to implement. I doubt there's anything wrong with your existing spindle motor - those things live a long time.
Centroid CENTROID CNC controls,CNC Controller, CNC Retrofits,CNC Milling Machines,CNC Lathes,CNC Routers,5 Axis CNC Cylinder Head Porting Machines,CNC Rotary Tables,Fanuc Retrofits,Digitizing Probes,Conversational Programming is still making CNC controllers; it's considered a top brand, although yours is probably pretty obsolete (They have nothing to do with Centronics, though.) You might be able to get some tech support on your unit from them, or at least a manual for it. I'd try to get that working before launching into controlling it with my cell phone or whatever...