How were you planning to do individual motor protection from the one single drive? Separate overloads for each motor? Really, if it were me, I would do separate VFDs for each motor- so many advantages. If you're already pulling cable to the motor, a few extra conductors for control is pretty minor. If memory serves, a NEMA 4X ABB ACS250 in the 1-2HP range is something like $300?. Seems like that may end up being just about the same price a single large VFD, filter, reactor, whatever else, and 7 motor overloads.
Extra benefit of the ACS250 is that you can get them with a disconnect built-in.
using this type of setup, wouldn't it be ideal to run control conduit rather than running the control conductors in the same conduit as the high voltage?