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The MicroLogix 1400 cannot create the same kind of cyclic I/O connection that a CompactLogix or ControlLogix can.
If the Mitsubishi module in built to only connect its I/O Assemblies to an I/O Connection, then it won't work at all with the MicroLogix 1400.
If the Mitsubishi will run by sending un-scheduled explicit messages to the I/O assemblies or to other objects in the device, then... maybe. Controlling devices with repeated Ethernet messages is a technique that I have been arguing strenuously against for years, because it's complicated, slow, and difficult to make run reliably.
Can you set up the drive to connect start/stop/jog via discrete I/O and speed via analog, then use the MicroLogix messaging to send configuration or read status ? That would be an excellent compromise.