The cheap end line that is popular is the Huanyang and HS spindle combo, The Huanyang purportedly has Modbus, but it is their own Asian version!
However there is a Mach3 plug in written by someone in France and available off the internet.
He goes under Royaumeole on the Machsupport forum.
I have used the modbus plugin and it works. I don't think it will on mach4 however.
There were early reports that some Huanyang VFD's were not populated with the RS485 IC, however. Hopefully that is no longer an issue.
Al.