Is it considered good practice to have a local disconnect before the VFD?


Well, the VFD probably provides all the motor running protection you're likely
to require, but as the HP is under 1, you could use the flexible cord itself as
the disconnect.

Now, on a 7.5 or 10 HP VFD retrofit (Monach 10EE, for example), you'd still
require the fusible switch disconnect.

(Although I am familiar with the Hardinge TL, and I own one, the other
variations of the split bed toolroom lathe are less familiar to me. Please post
photos of yours to the DropBox, if you don't mind).