Your screen shot shows that you have the PMDX SmartBOB configured
for PWM output on pin 16 as for a PMDX-126/107 combo.
You should have selected the option for PMDX-407, third on the list.
When you do this the other options below will grey out because they
are pre-configured for the PMDX-407.
It is also likely that you will be happier if the Spindle RPM Measurement
and Reporting is set to Echo Commanded RPM.
Lastly, your VFD setup and wiring look OK, except you show the RUN
from the PMDX-407 connected to the VI of the VFD. This looks likely
to be a typo.
On your Spindle setup table in Mach4, you show 2400 RPM as the
minimum speed. This table entry is used by Mach4 to compute the
PWM needed and should be 0 unless you have your VFD configured
to produce 2400 RPM with 0 volts on the input.
If you are trying to set a minimum operating speed for running the
spindle (say for fan cooling, or low speed torque issues) then you
should do this with the minimum PWM setting in the PMDX-407
configuration. A setting of 10% would produce a minimum operational
speed of 2400 RPM.