Following the variety of opinions offered here, I did raise the question directly with Newton Tesla and have just had a response from George Newton. It is most comprehensive & informative – and something I think will be of interest to many members of the forum as it gives a very clear technical description of VFD operation from a very experienced guy! So have included it in full below (I did ask if he had any objection to that, and he didn't appear to).
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From George Newton at Newton Tesla:
Many thanks for your email.
You refer to the legend on our control pendants, the legend plate is due for updating like the AV750 which has smooth graduation from one colour to another.
It used to be the case that running motors less than 20HZ could give rise to overheating with inverters running at a fixed voltage/ frequency ratio of 4V/HZ. Today this is no longer the case as we operate inverters in 'Flux Vector' mode whereby the inverter automatically changes the V/F according to the torque demand. Consequently full torque is available at slow speeds without danger of motor overheating. Also even though a lathe may be in use for long periods of time in the workshop the variation of cutting speeds and feeds, stoppages to check the job etc results in a duty cycle of about 40 – 60% compared to many industrial applications having a duty cycle of 100% for 100% of the time.
We will update the Pendant control station legend plate in due course and apologise for the confusing red/green graduations, in the meantime please run your lathe at any speed from slow to fast in the knowledge that the inverter will protect the motor from harm.
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He also included a large amount of info on his own background and that of the company with information on some of the VERY large installations they have been involved with (such as the six 300KW inverter control panels they recently installed at Mersey Tunnel to drive the huge ventilation fans ) so they apparently know what they are talking about!
Hope this has been of some interest.
Regards Mike