Like was said, the motor housing specs don't care if it's 1 phase or 3 phase, so if the new motor frame is the same as the old one, you should be good to go! Foot mounts have more flexibility mounting wise. Most of the less expensive import bandsaws (IE harbor freight) use a foot mount and use belts and pulleys to vary the speed.
There are some Chinese made VFD's that work well and some even that will step up 110V to 220V that I would look into that are much less expensive than the KBAC. They aren't in a NEMA 4 enclosure, so I mount mine away from my grinder and use cables to run it with the smaller remote control unit. Others put the VFD in a box of some sort to keep the dust out of the internals so it doesn't short out. Mine has been run hard in a very dirty/dusty shop, but it's 10' from the grinder and on the other side of a plastic curtain, so it doesn't get very dusty. I think it is the metal dust that shorts them out, and the metal dust doesn't seem to float as far as handle material dust.
Since I upgraded the guides to the roller bearing style on my wood bandsaw and the cheap 110V VFD's are available, I may switch mine to a VFD setup and try metal with it. It was still too fast for blade steel barstock even at it's lowest pulley speed before. I didn't want to have to go through with a 220V VFD for the bandsaw (only 1 220V outlet in my shop), but I have plenty of 110V outlets/circuits I can use! I have a Portaband and it's nice for metals, but the 5" depth of cut is a PITA sometimes with longer pieces!
I want to try some coarser lower TPI for the Portaband to see how they do at lower speeds, too. I would rather have one bandsaw to do both well and one size of blades to get to simplify things a bit!