Hi Chris, I have a few thoughts.
My first thought is that you'll only be happy with that motor for a few days or so...then you'll wish you had more. 1 hp is only the very bottom of my my recommendation list. It really doesn't even make the list for use on the KMG.
Understandably, if that's because of your budget, I would forgo the VS and get a bigger 1.5HP constant speed motor and set the KMG up with step pulleys.
The motor and controller that you have selected are certainly compatable and will run nicely together...but there might be a better choice.
In that size, I would select a 90V motor rather than the 180V motor. The reason is that you can run a 90V DC motor on 110V AC...where the 180V DC motor must run on 220V AC.
110V AC converted to DC = 90V DC
220V AC converted to DC = 180V DC
This will give you the convinience to plug that 1 HP 90V motor into your standard wall outlet rather than a dedicated 220V outlet.
I'm not too excited about the open chassis DC controller..it will certainly need to be enclosed and protected from metal grit. Perhaps consider an enclosed model with operator controls on the front for stop/start and speed selection.
My guess is that if you buy the 1 HP VS DC setup...you'll end up buying a bigger motor and controller eventually...When that happens, then you can use the 1HP 90V dc motor for a disk grinder....so it's not a complete loss and might be legitimate way to manage your budget while aquiring machinery.
I'm not sure if I've explained this very well....let me know I'l be glad to try again.
2 cents poorer....-Rob