After setting the motor to the lower voltage option, get the hand book that came with it, and check the current settings, for your motor. From the motor data plate. The drive will generally go from 20hz to 50hz, but is programmable to 400 hz. Don't go over 70hz on the max limit. Some say don't go over 60z,(USA and Canada power frequency). Like others have said, as the frequency drops,so does the RPM, and so does the total power available. Also there is breaking options, and slow down/ decelleration settings. I think mine is like 0.3seconds or something like that, and have the accelleration at the same rate, on the motor start up and shut down.
I am surprised that if you brought the unit as a complete set up ready to run, that they would have the motor not in the correct configuration. I am assuming that your VFD is the 220V 3phase output one, and Not the 415V output one.
I have a microswitch inline on the S1 control circuit. This micro switch I use is a normal closed one, and is opened/broken circuit when the contact is made. It stops the lathe for when I do forward thread cutting. And allows me to turn the switch to reverse to wind back for another threading pass. Really good for internal threads. I have some pictures in my Album with it.
Neil