I've tried isolating the power input to pins 7 and 9 by utilizing a CC power supply, which doesn't seem to change the results.
And I just realized I made a typo above. When the spindle is turned on with F5, I'm seeing 1.7VDC between pins 7 and 8 on the G540. When the spindle is turned off, I'm seeing 1.3VDC, not 0.3 at stated in my first post.
When putting the pot back into play, I have 0VDC between S1 (VFD -) and S2 (signal input) on the drive when the pot is turned completely off. I have 1.54VDC at full clockwise.
I'm stumped. It's almost like the G540 isn't functioning correctly. :|