I have a few L510's as well, and they are great, but keep in mind that they don't have the ability to use an external brake resistor. Not a big deal at all on a mill, but on a lathe with a heavy chuck, you might want more braking than the unit can provide.
Although the smaller L510 doesn't have the ability to directly add resistive braking, it does have regenerative braking. For this who want instant stop, that isn't gunna work. However, most lathes that need that kind of braking already have a mechanical brake. Same goes for mills. So I'm not really fussed over the missing capability. I have not done it yet because I have not finalized my needs, but I plan to install a panel box on the head of my mill that will include a E-stop on the mains right next to the manual brake handle.
It should be possible to install a mains powered braking system with three relays if needed, but why when there is a brake handle right there?
My lathe has no braking now so I don't plan to add it. If I ever wanted to, a set of mains powered relays that reroute motor power through a set of resistors would do the trick. Otherwise, the programmable braking built into my L510 would still be much better than factory.
To explain my thoughts on relay based braking a bit further, it's important to know that such currents should never be routed through the VFD output.
But I would expect that three relays powered by the mains would work fine. When the VFD is powered via the EStop On switch, the three relays always connect the VFD to the motor. This provides regenerative braking, direction, and rpm control from the VFD to the motor. Hitting the EStop, kills mains power to the VFD and drops the 3 output relays a few seconds later. Doing so would reroute power to the motor through the 3 braking resistors. Since the VFD AND mains power are all disconnected when the EStop is hit, the VFD outputs would be protected from back emf generated by the motor resistor braking system. It is also important to note that the motor is not normally stopped with the EStop. Normally the direction control switch on the VFD is just moved to neutral which kicks in programmable regen braking. Also note that the L510 also allows smooth continuous reversing. Ie programmable smooth continuous full speed forward to programmable full speed reverse.
I confess that this is just my own thoughts at this point. I talked to TECO Engineers about it a while back though and they thought it was ok. But I have not tried this myself nor measured the resulting voltage and performance responses so I'm not recommending it until I have - which is probably several months away or more. Nonetheless, I do think it should work just fine.