I guess you could for go the encoder card and use the spindle encoder solely for speed control,as thats what I did on my hardinge,but it is a small collet lathe. If the drive belt ever broke,rhe spindle would run away.
On my Cinci lathe,i replaced the siemens drive with an sj300, the drive was 1400 and the encoder card 200. Again,this has 10 kitagawa power chuck,a 12 pos turrett and tailstock. I dont want the spindle to.get loose at 5000 rpm. Besides the original contol had an input from the drive for zero and up to.speed. After I ditched the acra 850, I didnt have to keep the actual motor encoder,it just good insurance.
I would look real carefully at the Mistu drives, encoders and motors. It seems like the big four always make it difficult to use their stuff with out their control.....