VFD Questions that have no doubt been asked before

[f350ca]

Im thinking about using a VFD to power the new to me drill press. It on the far side of the shop so it would probably cost half the price of one to run conduit and wire over there. I'd have to walk and wiggle around stuff to go over and turn on the phase converter, then walk back to turn it off if I remembered. Which means I'd probably not bother using it. There is however 220 single phase real close.

The unit has a two speed motor with a selector switch that has an off position. I won't be changing speeds while the VFD is powered up, but if the switch happened to be in the off position when the VFD was energized would it immediately let out the magic smoke?

The two sets of windings no doubt have different characteristics. Can the parameters on the VFD be set to handle both?

Ball park. How long does it take a VFD to go through its self check and power up. Will I be waiting 5 minutes to drill a hole.

I was planning on using the existing ON/OFF buttons on the press to control the VFD through its low voltage control inputs. If I hit the stop button can I then safely change the speed switch on the machine. Effectively disconnecting one motor and connecting another. (two sets of windings)

The Phase Perfect I have now doesn't seam to care what or how you connect anything to it, so this is all new to me.
Doubt I'll ever need to use the speed control capability but it might be nice to over speed the motor and go faster than  720 rpm.

Thanks 
Greg