First, you really need to perfrom the required transient anaylsis or get someone qualified to do it.
Second, VFDs will generally work fine. They don't have to be fast, they are cheaper than flow control valves, easier to install, and easier to maintain. You also get the advantage of running the pump at it's most efficient point unlike the valves. Soft starters are generally even a better deal but they can't vary the flow like a VFD.
Third, VFDs, soft starters, and flow control valves cannot help reduce tranisents during power outage. All depend on the pump to keep the water moving so the device can safely slow down the water.
You need to know how bad the pressure spikes will be if the pump sees an unprotected power failure. The resulting pressures might not damage anything or justify a surge anticipator.
Fourth, watch out for surge anticipator valves. They can cause low pressure spikes to get worse, which is often the major consequnce in a net worked distribution system. Customers will complain about no or low pressure water. The high pressure spike often never happens in a gridded system. Use a standard pressure relief valve instead if anything is necessary.
My recommendation is softstarter with quick closing check valve, but it is your responsbility to determine what's best in your situation.
Also think about how often power failures will happen.
Dan Barr, PE
Burgess and Niple