You can not flip the wires to reverse direction, with a VFD. In fact you should not turn off input power, until after the motor comes to a rest. Controlling the motor is all done electronically, low volt wiring 22awg size. If at top speed in fwd and you switch to reverse, motor will slow to stop and the accelerate to same speed in reverse. Soft start soft stop. It is selectable, but instant 3 phase start is not in the program.
While mills don't need much braking power, as the rotating mass is low, lathes do need help slowing down, so there are multiple ways available to assist in run down. Depends on the model VFD etc.
Be sure the VFD is sized for single phase input, there is often a derating when a 2hp unit is run with single as opposed to 3 phase, an undersized unit will live a short life. Electronics like a VFD are not forgiving like contact points in a contactor etc.
Both my Hitachi VFDs have been great, one now 11 years old the other 8.The SJ model with the detachable panel. They are both used with remote switching and control pots. Remote mounting the display so I can see it.