Where I considering to buy, I think I'd go with the Reeder chassis for $600:
https://reederproducts.com/shop?olsPage=products/rps101-grinder-chassis&page=2
Then a wheel set from OBG for $68:
https://www.ebay.com/itm/262093781835?
OR, if you think you'd prefer metal wheels for $100:
https://www.ebay.com/itm/264360959784?
Then a cheap Chinese VFD for $60:
https://www.ebay.com/itm/133096467035? (will need to install filters over air inlets)
OR, a MUCH more expensive KBAC-27D for closer to $360:
http://www.electricmotorwholesale.com/9520-KBAC-27D/
A 3600 rpm 2 hp 3 ph motor for $165 shipped:
https://bit.ly/2KtNXYV
or 1800 rpm 2 hp 3 ph motor for $218 shipped:
https://bit.ly/33bHfzr
That will put you into very good 2X72 setup for around $1,000 to $1200 depending on choice of VFD. For a hobby setup I like the ease of the Chinese VFD setup, and with filters over the air inlets the NEMA 1 enclosure isn't an issue for metal dust. It might blow in 5 or so years. IF you're planning a full time 40 hr/wk use, then I'd most likely go with the NEMA 4X KBAC VFD.
You can build your own and save perhaps $300 or so.
Ken H>