I recently did just this on my short bed Viceroy, old school machine. I would definitely recommend doing it, it cost me £500 through a local guy and I guess that I could have paid a bit less if I had shopped around more, or bought a unit and fitted it myself. But I wanted the security of going back if it went wrong!
One issue I have found is that at low speeds the torque is reduced quite a bit. I think this is unavoidable and an engineering lathe friend told me the same happened to his lathe. Both of ours have three phase motors, so this may not apply to your situation.
Another issue was with braking, these electronic units can be set to inject Dc into the windings and bring things to a quick stop, useful I thought, until the first heavy job unscrewed itself when I turned it off!