Don't let the "haters" get to you – nor wind 'em up by calling them that.
Nevertheless…
If you are installing anything electrical in your workshop for hobby use, only you need and can judge if you are "competent" within the meaning of… but it is wise to consider your abilities very carefully. If any doubt find a reputable electrician, preferably with industrial wiring knowledge; although the task is not technically difficult if you are using a purchased, complete set provided with the circuit-diagram and instructions.
I have fitted 3ph conversion sets to four machines: a Harrison L5 and a Myford ML7 lathes, a Myford VMC mill and a BCA jig-borer; but for each case bought an appropriate motor and electronics set (Newton-Tesla) having told them for which machine; and I followed their instructions very carefully. Though my years of specialist electrical and electronic assembly work did help me..
The ML7's electronics are manufactured as self-contained in a single box I could screw to the cabinet, with a simple shield over it. For the other machines I placed the inverters well away from the moving parts and swarf, with the important point about thinking where to put the controls. (They are in separate units.)
That for the Harrison lathe is above the tailstock, within reach when standing in the normal spot, but needing my arm move away from the chuck to use it. Though I still need use the clutch lever in its horrible designed place above the headstock!
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One important point. Motor speed!
The motor still needs run fast even if you want the chuck to rotate slowly, so don't be swayed by those who advocate throwing the machine's pulleys and belts or gearbox away! It allows maximum torque and slow cutting speed / feed without over-heating the motor by its fan barely spinning – I am not sure if there are other potentially deleterious effects.
The controller on the N-T sets has its red sector at low, not high speed.
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I find using the ML7's direct drive on the middle and low spindle pulleys covers most turning, back-gear for screw-cutting or as otherwise applicable , without stressing the well-shielded motor.
The L5's spindle speed is around 60-70rpm in lowest gear with the 3ph motor, on a frame above the headstock, happy at around 900+ rpm, according to the controller scale.
The milling-machine still has its 2-stage belt and pulley arrangement, and that will stay despite being awkward to use, unless I can design some better system. Or more accurately, physically make it…
The BCA is a fast-running machine anyway so the existing belt drive from the replacement 3ph motor is fine.
I am recommissioning a small horizontal mill (Denbigh H4) but will stick to simple 1-phase motor and mechanical transmission for that. It does not need anything sophisticated. In fact only today I collected a mechanical variable-ratio drive to use on it, from a private-seller advertising on this very Forum!