You've got the important bits - both stepper motors, and the air control solenoid valve for z-axis.
Basic shopping list:
Arduino Nano board with screw terminal adapter for simple cheap controller
90 volt DC speed control for the spindle motor - this is a bit $$$, you'll also need an isolator board between the 90 volt board and the Arduino controller. I used a Minarik board that I got off eBay.
two stepper drivers DM542 is my preferred choice, there are cheaper ones available,
24 volt 10 amp power supply
two arduino relay boards to run the air solenoid valve. I used a real kluge for controlling the solenoid valve - a relay connected to the spindle on/off signal and one connected to the z-axis up/down signal. Set up so whenever the spindle is on, and the z-axis is moving down, then the air solenoid is powered and the air cylinder moves the cutter into the work piece. No discrete control over depth of cut, I adjust it using the air cylinder travel stops.
a bunch of wire and a box to put all this in plus a few switches for power. limit switches, etc.
I use proximity switches for limit control, the Dahlgren 90 volt DC motor generates a poop-load of electrical noise and mechanical limit switches just won't cut it.
If you want to go true three-axis CNC, you could replace the existing spindle motor and air cylinder with a 3018 CNC z-axis system, but keep in mind that the gantry on the Dahlgren 300 is not very precise. Vertical adjustment using the locking mechanism on each end of the gantry is pretty sloppy. Three-axis will also need a third DM542 driver.
CNC Z-axis option: (eBay has cheaper ones)
https://www.amazon.ca/Aluminum-Sliding-Handwheel-Stepper-Diameter/dp/B0C3R5L6P7/ref=sr_1_7?crid=DXNJXJNZ4N6S&dib=eyJ2IjoiMSJ9.3wxka__CE0CbPSt5aCPpLS3-Z8oFFv8Kqhw1toddtsVDjDoP1MK8OooVrsAMLXr3EqZAKP9YqyhcdJfTW9fO_UewQwNEvzKytidG75hr9u7v3lB_UpmU5e0e6o2Ri778qpAewuxXsWeO837KTXSC4ZrLeTOBmTJ-6SZXilB7lfpWx4l-vEALlz3KrFAaGXI-S4PMWAsABQCj0IvFb6ertFCgoIBrACVMC6z9tIfy6LqyVmx9bMXZLWeY9YK3_B9mxEVevUNM2zYPelms1QrTwYfjgNv7xFlRMGM5Pywbk1-PY-0p_JdNOFvdIRY-bniL65kwiDAxMUQXQxamIiFWMMAsAHDb48vIYeLvF2PmsSpouZ4Xy-8T7ntvS9S6GoHYB7MGkW2vWWBkjDyaEJE8yeHotZEuoVsqgKWI5eurXF5sVl9YFNQABuGtkxXNILgw.lsDB8hFCa6XkozgyzjOz-1Sp1O3HOExXAhiQLHcFIWA&dib_tag=se&keywords=3018+cnc+z+upgrade&qid=1740266201&sprefix=3018+cnc+z,aps,155&sr=8-7
But it's nowhere near as solid as the Dahlgren configuration. If you want to use the Dahgren chassis for engraving, stick with the original setup.
Software - lots of free options, I bought a copy of Estlcam but Candle works OK and there are plenty of alternatives.
I probably spent $300 altogether on my CNC setup, plus the original $500 cost for the Dahlgren chassis. The chassis purchase included about $1000 worth of cutters, and if I wanted to I could recoup most of my cost by just selling the excess cutters on eBay.