The Chipmaster we had at school 1962/63 had a 5hp motor, the rest of the workshop was run off line shafts driven by a 10hp motor, lathes mills, shapers, etc, etc.
I'd say a 2hp to 3 hp motor with electronic speed control.
I have got a 1.5hp 3 phase motor running with an inverter. The variator has been removed, it was ok but takes up too much power. This motor serves me well, it is probably a bit down on power for larger diameters where I sometime have to use the backgear. I would suggest a minimum of 2 hp but this will depend on what you use the lathe for.
There is quite a lot of info on the lathes.co.uk website about the Chipmaster and the various permutations of motor and variator that were fitted over the years. You might also get more advice from the Colchester Yahoo group, but there isn't a great deal of traffic on there now after all the messing about Yahoo did.
Keith
Edited By Keith Long on 20/12/2014 11:02:16
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