Here is the link to the manual for the one I used http://factorymation.info/acdrives/7300cvmanual.pdf from Factorymation. It was not very expensive, had a remote mounting control panel and the three HP one worked very well. I would get rid of both cabinets totally! It's best to mount the VFD in a small box by itself just to keep interference away from the computer board and wires. The other components take up so little space it could all fit in a shoe box.

When you run the new cables to the stepper motors you need to use shielded cable, 4 core. In the motor you strip back the shield and connect the 4 wires, do not ground the shield here. On the other end of the cable you strip about 8 inches of cable insulation and separate the wires from inside the shield so that you have 8 inches of separated shield and 8 inches of separated wires. Then connect the wires to the driver and the shield to ground in the control box. Cround all the shields from the steppers at the same point. If you don't need the total 8 inches of length just shorten the wires as needed. The shorter the run of unshielded wire the better. If you only need 4 inches use only 4 inches.

CV7300 Series