A) In my limited experience of these simple devices, the display voltage and current is probably not a true indication of the actual RMS voltage and current taken by the motor. However, the indicated display is what the overload current setting will cut out at.
This makes setting a meaningful overload current cut out problematical. Ultimately it will depend on how bold you are or how much you think your motor will take. A reasonable quality induction motor is fairly tolerant, so here is what I would do as a start.
check current draw indicated at no load – say it was 2.0A the real current load should be closer to 1.1A divide 2/1.1=1.8 now say you will tolerate 1.5A for a short run overcurrent ( say 3 seconds set at parameter P24) then multiply that by 1.8 which will give you 2.7A as a possible overcurrent setting. If it was me, I would set it at 3, but be prepared to check the temperature rise in the motor if working it hard.
B) There is not enough information on how you have set up for your drilling operation. At half frequency, the power being delivered in your system is only about 110 watts. depending on how hard the steel is and how sharp your bit is and whether you are using the correct RPM, that may not be sufficient to maintain speed/Hz relationship so the VFD pulses open up delivering additional voltage and current until the trip is activated (or not, in which case the motor will potentially overheat if care is not taken).
In the first instance, leave the motor at the full frequency and set the pulley system to give somewhere in the region of 800 -1000 RPM for 1/4 in steel ( we are in the home workshop here, not industry). With a low power system, if you have to use the VFD to reduce spindle RPM by as much as 50%, to trim to an optimal setting then consider setting up with pulleys for a lower than optimum spindle speed, but use the full motor frequency (50 Hz). That way you will get the maximum power to the bit.
A VFD is not a substitute for the correct motor gearing.
I cant believe you are getting no torque at the 50% setting, but if you are, check that P02 is 110 and P03 is 25 with P04 P05 both zero.
Edited By Martin of Wick on 02/04/2020 21:39:19
Edited By Martin of Wick on 02/04/2020 22:07:15