Stephen,
I would advise you to go for the larger capacity system, more power is better than not enough. The standard Myford supplied motor is nearer 3/4 HP than 1/2.
Speeds will be determined by the motor that is mated to the control system. Being frequency controlled, in theory the motor speed can be operated from zero rpm to an upper limit which might be preset at 100 Hz; ie twice standard mains frequency. That would give a motor with a rated 1425 rpm shaft speed at 50 Hz a new shaft speed of twice that when running at maximum frequency. In between those limits the motor speed is variable and under your control.
Generally, an upper limit is preset at a lower value of maybe 80 Hz. This would give the same motor a shaft speed of 2300 rpm.
So it is just a case of you doing the maths on the spindle speed table so helpfully provided by Myford on the belt cover to establish a new set of maxima for the various belt arrangements. What you will find useful is the smooth variable control of spindle rpm that you don't have at present and because of this the need for belt shifting will become largely redundant. I would also be cautious about using the higher spindle speeds that become possible as the bearings may not be able to support those for extended periods. A bit of common sense and judgement is called for.
Do also bear in mind that motor power is not maintained at a fixed value throughout the speed range and the use of back gear for low spindle speed/high torque work is much kinder to the motor and control system than expecting it to crawl round at a few rpm and put up with huge cuts on big jobs in the chuck. That way is an abuse of the system and invites expensive damage.
I hope that answers your question
Regards Brian
Edit I have just seen Neil's reply which while suggesting different upper values of frequency control endorses all the other things I have said. I would still use the upper motor power if the cost is within reason.
Edited By Brian Wood on 03/11/2017 09:56:38