Hello Mick, in general term the answer to your question it is easy. You can buy an inverter which will do almost every thing you will aspire to do via ebay for around £100. Four of my ME friends bought Huangyang inverters and have been very happy with their purchases.
I'm no expert here, but helped them to modify their lathes motor wise and to fit inverters. As for locating replacement motors, all four picked up second hand motors very cheaply, which only needed the brass links moving to convert from Star to Delta a 5 minute job. All four bought Huangyang inverters and have been very happy with their purchase.
iI you go down the HuangYang VFD route I'll send you a copy of the program which I used. By the way, there is thingy on youtube which explain the programing Huangyang inverters very well. I'm sure members will be only to glad to help you in any way as required.
As the control voltages are very low, a home brew control box can be made. Unfortunately Maplin has now gone which was a good source for variable resistors and switches. However, ESR at Cullercoats up the North East coast, have almost the same range of components needed. John