HY Inverter manual is online.
http://www.jinlantrade.com/ebay/invertermanual.pdf
The motor parameters can set in the HY VFDs, parameters PD141-PD144. You should set the base frequency PD004 to 60.00 and start with the maximum operating frequency PD005 to 60.00. Although the VFD will operate up to 400Hz, that is not the normal default setup.PD008 maximum voltage should match your motor voltage. Check the carrier frequency PD041, it should be set to 5 which corresponds to 4 kHz which is ok. On an older motors I would start with something in the 2-5 (kHz)range to begin with, higher can cause more insulation breakdown, it can whine quite a bit at the lower Hz range. The default setting is constant torque, V/Hz which should work in your setting. This model does not have sensorless vector or motor tuning.
Setting PD013 to 08 does a factory reset. I am not a big fan of HY VFDs, but if the parameters are set correctly and your motor still smokes, it is more likely an issue with the motor than the VFD. Make sure the motor voltage box wiring matches the VFD. I have worked with enough of these VFDs, that if they work out of the box, then they usually do OK. But I do not expect much out of them, there programming is limited and they are often missing functions like the braking module for an external braking resistor. There power/motor terminals are undersized and although there models up to 5Hp are dual rated for single phase or three phase input, I have doubts about their long term reliability. Just about any other VFD is better, Hitachi WJ200, Teco 7300CV, ABB ACS355 etc. are a few to consider.