I have a TECO vfd on my General 260 Reeves drive lathe. The nice thing about this setup is that at all but the lowest speeds the Reeves drive allows running the motor at high enough rpms that its cooling fan is effective and it delivers close to maximum horsepower. I think ineffective cooling is the only real potential harm to the motor from using a vfd. The TECO works well but the manual is less than stellar, the model is obsolete and no longer supported, and the vendor (Factorymation.com) no longer sells the line. So I don't have a specific recommendation but I would look for a unit with good documentation and a track record from a vendor who will offer support.
Unless you are an electronics geek or are satisfied with the factory defaults you will want some guidance in setting up a vfd, whether from a good manual, vendor support, online help through forums or a competent controls tech. You may well want a remote control box with magnetic back so you can place it in a convenient spot, and that choice will probably require changing a programming parameter or two. Acceleration/deceleration rates are two others you might want to change.
The wiring is simple but it is best to put the vfd in a dust free area or enclosure with enough space to prevent the drive overheating - mine is in the headstock pedestal. There can be no switch between the drive and the motor.