Ok a few things to consider.
First is increasing the ratio will not change the HP but it will change the torque.
You say you have a 2HP motor at the moment, how is it geared? Do you change pulleys for different speeds or do you just use the VFD and keep the pulley ratio constant?
Is it powerful enough at the moment the way you use it?
Now spindle indexing, that will likely be possible but will depend on the controller you use, ie external or parallel port and if external which one.
Rigid tapping again will depend on the above.
Torque is more constant with an AC servo than an induction motor/VFD.
Hood