Yup, and yup.
I have had mine (very similar to your pic) for about 3 years and I just recently hooked it up to Mach. Prior to hooking it up, I just controlled the on/off and speed manually - now I have less to mess with during a run and if I am across the shop, I know when the cycle is complete because the spindle shuts down. Too cool!
You need a speed board. I bought mine from cnc4pc.com. (it's this one http://www.cnc4pc.com/Store/osc/prod...products_id=58)
It's easy to set up. I can pitch in when the time comes and I am sure there are others that will help.