Vintage Tough DrillPress- help with electricals and drillbit change

[MWF FEED]

I just picked up one of the legendary (!) tough drillpresses and have done the usual lubing up prior to cleaning up surface
corrosion. Everything moves and it looks like it will be fully functional in the end.

I have some confusions. See photos:

* Obviously it is a 3 phase motor but this unit appears to have a capacitor hanging off it (literally). I thought 3 phase did not need
a start capacitor? One photo shows the capacitor and the wiring box.

* The motor plate says 400v and 0.5 hp. I am hoping a VFD will run it. Can anyone recommend one? Hopefully that is all that is required.

* The existing drill in the unit does not look like a normal drill bit. How is it removed and how do I replace drill bits?

This might also be best crossposted in the electrical forum?

Thanks for any help.
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