Hey spec,
This particular one looks like a PWM system, although can't find a schematic, so no way to tell for sure. And you're right in that current would be steady and over heating would be a problem.
But you bring up an interesting thought.
How about leave the console attached? Take the whole rig (PCB - without its current facade - and motor) re-mount it all and mate it to the lathe, I guess. Then you'd have a control panel with at least some manner of readout to convert to spindle speed. I kind of like that idea
.