Russ,
I can't find where I put the info I had on the PC to VFD hook up. The data sheet for my CNCTeknix breakout board says "PWM outputs 0-5VDC for spindle control" I talked to Delta (VFD Rep here in Austalia) and also CNCTeknix and they told me to put a capacitor and a resistor on the input line and it should be ok. Problem is, it was a long time ago and I cant remember the values of the components. I can call them again and ask if you like.
I realy like the opto isolated board you mentioned. Could save me a lot of bucks if I get something wrong. I have plenty of room in my servo drive enclosure to fit the board if is small and easy enough for you to make. Sounds like the go to me. The opto isolated coolant output sounds like a good idea too. I will e-mail you the layout of my breakout board and relay board for you to have a look at.
Chich