Re: NEMA RATING
You have a common situation. I would urge before you start cutting holes in your panel that you download the Hoffman temperature softweare off their website and run the calcs to see if you really need ventilation at all.
I often find that its not needed since VFDs don't dissipate anywhere near as much heat as they used to.
If you find that you are close, but in worst case you will be a bit over temp, you might consider putting a small fan inside the enclosure blowing over the VFD heatsink. The air movement will help dissipate more heat than still air will. Its a good idea to put a tstat inside the enclosure to alarm or shut off power if it goes over the VFD temeprature limit if you do this though. Hoffman makes a nice DIN rail mounted tstat.
Its possible to get either an air to air or water to air heat exchanger to remove heat and still have the panel remained sealed to NEMA4 specs, but both are a nuisance and add cost.
An air conditioner is possible but to meet the NEMA4 requirements you'd have to get an expensive stainless steel unit. There is also some maint required with an A/C unit.
I would look closely to see if I really needed the NEMA4 requirements, or if someone just put the thing in a NEMA4 box regardless of necessity. I usually use NEMA4 boxes (Hoffman Concept) because they are convenient and cost no more than a NEMA1 box. I can keep fewer part numbers in my head that way. Its possible the guy that put it in the NEMA4 box did it for the same reason.