It will work OK.
My hitachi VFD is a 3hp, and it has my 2hp mill on it, and a 1.5hp surface grinder. You can tell the VFD how big the motor you have connected is. I say bigger is better when it comes to a VFD, if you ever get a more powerful machine, you're set with the VFD. That's part of the reason I went with a 3hp VFD, so if I ever find a 3hp vertical mill, I'm set. I don't have any experience with other brrand VFDs, but my hitachi (SJ200-022NFU) makes me happy. Either the L200, or SJ200 series should be good for you. I'd suggest getting the 3hp version so if you ever get a different motor, mill, or any kind of machine, you can use the same VFD. Another cool feature of hitachis is they have a motor profile function, and have 2 motor profiles you can select with an external switch. If you use a 4PDT drum switch, you can select which machine you want to control with the VFD. You have to select your machine before you turn the motor on, YOU CANNOT switch while the motor is spinning, or it will KILL your VFD! Simply wire up the 3 phase output to the common leads of the 4PDT switch, and the set terminal for selecting profile. Then connect each motor to each side of the switch, and the common terminal for the VFD's input terminals to one side. When you switch it, the output of the VFD is sent to the apropriate motor, and the 4th pole of the switch tells the VFD what motor it's controlling. You have to program the VFD to do this, which is the hard part, but it's not that difficult. I did it without knowing anything about VFDs before I started. The only bad thing about the hitachi VFDs is wiring them for single phase is confusing. You use terminals 1 & 3 for the hots, and the heatsink is ground. For some STUPID reason, they label terminal 3 "N" !!! Even a licensed industrial electrician (I asked one) would have connected the ground to terminal 3 if they didn't know better!!!! The 3hp VFD is the biggest of the SJ200, or L200s you can use for single phase power.