That's the right VFD for sure Stan, but I wouldn't consider that motor suitable.
It's a drip proof non sealed enclosure, without a C-face, which may or may not matter depending on his grinder, but generally a 56 frame C face motor in TEFC or TENV is preferable.
That's the best deal I'm aware of on the KBAC VFDs, which are the best IMHO for grinder applications, here's a good deal on a 2hp, Leeson, 56 frame C face motor, that's inverter rated:
http://www.ptjindustrial.com/Leeson_116106_p/116106.htm
They offer free, very fast shipping.
Bear in mind that if you want 2hp output with single phase input you'll have to use a 220V line into the VFD with the KBAC 27D, if you want to run a 3hp motor, you'll need to order the KBAC 29 1p, and it will only accept 220V input.
If you want to run 110V input your max output is 1.5hp, but you're fine using a 2hp motor in that configuration with the KBAC 27D.