This is what I am running. I'm still running the stock gearing so I am limited to about 3800 rpm. Others have reported mixed results with their use of this setup but I have had no issues.
The newer G0704's have the correct size motor gear to make this almost a direct bolt on. I did make a simple motor adapter on mine so that I could use the stock top plate on the mill. My adapter bolts to the stock motor mount holes and then the BLDC motor mounts to the adapter.
basically 145TC framed marathon inverter duty blackmax 1.5HP with GS3-22P0 VFD from automation direct, the GS2 if you dont care about sensorless vector drive
lcvette has a sweet post on cnczone going into detail, we have similar setups