I would recommend that you proceed as follows. Determine the load torque requirements over its operating range. (Notice, I didn't say motor torque but load torque) Next, determine what the load operating range is and what that represents in motor speed range. Finally, determine what the load speed stability or error tolerance is when torque varies over its operating range.
Come back to us with those three things and we will help you pick the right motor and drive.
Just a little note here. The reason that the data is to be taken from the load is to avoid any errors that might have always been part of the DC system. It also gives you and your operators a chance to IMPROVE machine operation or production possibly with the new drive system. Then you would be a hero and maybe even earn attaboy points!!