Just had a look at the ELS link and saw this >>
Would that not do what you need if you go with the ELS?
If you are going that route, ELS, why not also upgrade to a larger DC motor? I have converted my Bridgeport mill and my craftsman 12" lathe to 3 HP DC motors using ether LEESON & Pacific scientific motors from treadmills. These are full on commercial treadmill motors not the usual plastic junk treadmill motors.
For speed control I am using KB electronics units. These can be wired into a control unit that can output PWM style signal and thus might be controlled by a ELS style control unit.
I have had my lathe re-powered with the 3 hp pacific scientific motor and KB controller for about 6 months and it is the single best mod you can ever do to your atlas/craftsman lathe. I simply love love love it.
If I were to do that now though, I would look into a 3 phase motor and VFD control instead of the DC. I think if you could score a good used 3 phase motor and use a new VFD it would be affordable.
~
Robert