Thanks all. Colin has given the information I needed. There was no intention to purchase a smaller motor if this one will derate sufficiently, so any replies on that theme were completely off-topic. Clearly, if the motor would not be sufficiently derated, I would have retained the current single phase motor fitted, or resorted to obtaining a lower rated motor when one became available at the right price.
A larger motor will have no cooling problems, like slowing a lower powered motor (with a consequently smaller capacity fan), so those scenarios were already covered before I listed the thread.
Clive, I am sure that VFDs do not change the supply voltage. I may be wrong, but don’t think so – they alter the frequency – it is in the name and that seems to say it all. Also, reducing the motor power was the requirement from the start of the thread.
The gearbox was, I think, designed with plenty of surplus capacity and was later used with a 1HP motor, although the gearbox may have been fitted out with modifications for the later application – but the question was simply re running on 230V star, not of running the motor at 2HP.
I’m now going ahead to do it, so thread effectively closed.