Decent wiring should work fine
using the drive to reverse and motor overload is much simpler then using a reversing contactor and way cheaper.
one thing you said that disconnect is over 200 ft away.
what is the distance from the drive to the motor ?
I believe code requires the disconnect to be located within 50 ft and in line of sight on all motors with very few exceptions. that's part of the lockout - tag out requirements.
most places require a disconnect at the panel for maintenance to work on it.
I didn't mean to burst your bubble but we all need to try and bring upgrades into compliance when we can.