A VFD can replace a starter and overloads.
Make sure you program the motor nameplate data for overcurrent protection. An across the line starter line allow for 3-times FLA for 1 minute to ramp the motor up to speed. VFD's will limit the max cuurent to 110% or 150% for 1 minute typically.
The information supplied with the VFD will have different schematics for controlling start, stop and other functions. The VFD can be set up for 2 wire or 3 wire start/stop as a default.
There are many other things to consider before replacing the starter such as application, ramp up/down acceleration, etc. I would get in touch with your local rep and have them help you spec the right drive to replace the starter in question.
hope this helps