I agree with the Coote suggestion, I think it's the nicest "budget" grinder out there. You'll want a tefc motor 1HP or higher for the Coote. An ODP motor will work just fine, but they can get metal dust in them and don't last as long in a shop. They're quite cheap though, so I think it's fine to start out on, as long as you know you'll probably be replacing it.
If you want to get a VFD to control speed, you need to get one with an appropriate NEMA rating, I think pretty much everyone uses NEMA-12. The dust from the grinder will surely affect a VFD and replacing a "cheap" one isn't nearly as affordable as a "cheap" motor.
If a VFD is too much to start, you can get pulleys from Norm Coote and use a step-pulley setup.