A decade or two ago, the smart advice would have been to use the 2 HP, 1800 RPM motor and to run it to 100 Hz, maybe even 120 Hz, maximum, to get the widest operating speed range. The "best" choice of VFD back then would likely have been a KBAC, primarily because it was one of the few sealed drives that was available. Now, Sensorless Vector drives have muddied the waters somewhat and the 3 HP, 3600 RPM motor is possibly a better choice, if used with an SV drive.
I "think" the KBDA drives may be SV drives, but I've not used one personally and can't be sure. The KBAC drives are not SV.
"Old school" VFDs are "V/F" aka "V/Hz": the Voltage and Frequency (Hz) both vary linearly below the rated motor Frequency. Above the rated Frequency, the Voltage is constant and only the frequency increases.
This is fine for frequencies reasonably close to the design Frequency (60 Hz for North America, 50 Hz for most of the rest of the world): between about 10 Hz and 100 Hz, everything is usually pretty happy. Above about 100 Hz, things start to get less linear and losses within the motor start to become disproportionately high. You can still increase Frequency and motor speed, but the output power will start to drop off significantly. By 120 Hz, power is likely to be down by a few percent: not really a problem with a grinder that has a 2 HP motor, being operated by a reasonably skilled operator, as the small reduction in power is barely noticeable. Try to go to 140 Hz, though, and it'll be pretty obvious power is dropping off quite rapidly.
At low frequencies, below "about" 10 Hz, the linear relationship between Voltage and Frequency also suffers and motors tend to become "coggy", rather than smooth-running. I did some testing of several different drives running a metalworking lathe. All of the non-SV drives showed poor finish as a result of "cogginess" by 7 Hz. With SV drives, I could get a smooth finish down to 2 Hz or less.
There are usually some settings that can be adjusted to boost torque at low speeds, but they are something of a black art. To get down to the 7 Hz, I'd spent a bit of time playing with them, but I'm no expert.
A grinder will be much more forgiving of any lack of smoothness than a lathe, but it's nice to have the ability to run smoothly at low speed. This used to mean running a 4-pole (1800 RPM) motor to give a minimum smooth speed of 300 RPM at 10 Hz and a 10:1 speed range with 100 Hz maximum Frequency or 12:1 with 120 Hz maximum Frequency (and the small reduction in power at the top end).
With an SV drive, a 2-pole (3600 RPM) motor can run smoothly down to 2 Hz to give 120 RPM for a 60:1 speed range. Some motor manufacturers will allow operation of their 2-pole motors above 60 Hz. The metric TEC (Techtop) motors I've been using lately will allow operation to 70 Hz (4200 cycles/min) for an actual motor speed of 4000 RPM without invalidating the warranty. This gives a 35:1 speed range of 2 Hz to 70 Hz. You'll need to check the manufacturers specs for the actual motor you use.
An 8" drive wheel at 4000 actual RPM will give a belt speed of 8377 SFM, which is around the maximum recommended speed for some of the newer ceramic belts. Probably faster than most knifemakers will ever use, but it doesn't hurt to have the capability. A 4-pole motor isn't realistically going to run above 3500 RPM.
If you've no restrictions on the power supply, the 3 HP 2-pole, combined with a sealed Sensorless Vector VFD, would seem to be the obvious choice to me. Torque is not normally a priority at low speeds and the 3 HP motor will be ahead on torque from around 2400 RPM upwards.