You can get a brand new 2 HP 3 Phase for $175 - this is the lowest price
from Grainger, for a huuuge Biz account. So if you can score one for $50,
go for it.
Make sure it has the mounts your grinder will require. Bader-like designs requires BOTH the face and base mount. KMG-like - only base.
Also, if you go for Bader-like design, make sure the shaft is at least 2 1/8
long, has a standard key-way and is beefy nuff: 3/4 or 7/8"
Another thing to check for: motor must be "Inverter" rated. Has to do with
higher level of electrical insulation in the windings.
And lastly: the motor should be TEFC - about the only acceptable type for a
grinder. TENV are never continuous duty in this HP range.
About VFD controllers: the KBAC-27D NEMA4 (wash-down safe) is the golden standart. You should be able to score one for $300-$312. NEMA-1 (open) are, if you get luckly, $250. A no brainer, IMO

- go for KBAC-27D