The NC01 allows you to set up the serial port (electrically) for RS485 configuration for use with a protocol that supports multiple drops. Straight DF1 is a point to point protocol, so it would not require RS485...not sure if have ever seen DF1 protocol with RS485.
Modbus is a protocol that supports multiple devices or drops and is very often used with RS485 wiring. The ML1400 plays well with Modbus protocol and has a RS485 port on the little round connector. The 1763-NC01 is a very convenient way to break out those pins so you can land a cable on them.
I don't know enough about the PF40 comms protocols it supports or the serial port configurations it can support, but I am pretty sure Modbus and RS485 are included and that is the direction I would take if I were to try to do this.
It will mean the little round 8 pin connector gets configured as "No Handshaking" which enables that port to use the RS485 pins instead of the RS232 pins and the protocol set to Modbus RTU Master. This means that you won't be using that port for programming or anything else.
The next part is to get into the books on the VFD and find out what Modbus addresses you need to read and write in order to poll it to suit your needs. With the VFDs I have dealt with, it usually takes no more than two messages to read all the stuff you could ever want and one message to write the command word and speed reference. This is true AFTER you set the node number and other settings that allow the VFD to be controlled in such a manner (and in some drives set up the data values so they are nicely packed for.)
So the drawbacks are:
-Give up the little round port for Modbus only.
-Deal with the fact that it can take up to a second or two to get data between controller and VFD.
-Deal with the fact that it can take a few seconds to detect a failure of communication when something goes wrong.
The benefits:
-Control several drives with a piece of wire and a $50 breakout board.
-Be able to read speed, amps, dc bus voltage, fault codes, and whatever else is in the book.
I could give examples for Modbus with LSIS drives or with Yaskawa but the messaging logic is pretty similar, just the Modbus addresses vary from one maker to the other.