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Red status LED is overload/I2t/short circuit according to the manual. Slow flashing green is normal.
A typical TEFC motor requires plenty of air flow and slowing the motor can greatly reduce cooling. I'd venture to guess the heat is building up as a result of the motor's fan not moving enough air at the slower speeds.
It appears you may have to have someone take a look at the VFD. Have them measure from terminals P1 to P2 for steady voltage DC when running. This will range from 0-5 volts and will go up and down when rotating the speed pot. If it's steady, then randomly jumping up and down or dropping to 0 V for no reason the pot is likely faulty. More common to see a failure with moving parts such as pots and switches. Have them also check the FOR /REV switch.
Wishing you speedy troubleshooting,
Dan
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