brewdexta
The biggest tool in the box
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I converted my colchester chipmaster using a Mitsubishi VFD inverter and a 2HP 3 phase motor from Inverter supermarket and a variable speed control from Newton Tesla. I used inverter supermarket as their information was clear and concise and they were the cheapest. So far had no issues and putting in a 3HP motor would just mean a bigger inverter. You can make the speed controller yourself if you wish however I was time constrained and had some jobs for the lathe.
See here for more details.
See here for more details.