You will need a VFD that use either an encoder or use an existing pulse generator on the motor shaft, if it has one, also you will need the dynamic braking option.
You will also need an encoder on the final spindle shaft.
These options are required if you want to rigid tap etc.
Other options if controlling the VFD with Sxxxx/M3/M4 codes, is outputs on the VFD that can be configured for zero speed and at speed.
I am assuming this was a vector rated motor running straight off 3 phase before?