Does the ML7 do all that you need?
If YES, fit the VFD, but bear in mind the caveats about excessive speed vs the bearings.
If not (I was frustrated by the 2 MT Headstock Mandrel, and consequent waste of material. So sold it and bought something a lot bigger, with a VFD. )
If you go for a new, more modern, machine, probably the bed will be prismatic, hardened, and the machine will be variable speed.
Being of far eastern manufacture, it may need some fine tuning to optimise it's performance. (Recently, I came across a brand new, basic, machine with the centres out of line! Curable, but still wrong )
It may be that the sale of the ML7 plus the £650 will buy something that better suits your needs.
You are the only one who can make that decision.
Howard
Hope that all goes well, whatever you choose to do.
Howard