Martin,
These are "old-fashioned" inverters in that they contain several capacitors instead of being digital with chips etc.
You will of course need a 3-phase motor to run from it, but there are usually some on ebay. Its capacity of 2HP is a bit overkill for a Myford lathe, I would expect to use a maximum of 1 HP on a Myford, and ¾ HP is sufficient for an ML7 However this inverter will run a smaller motor.
Most important for something like this one with an unknown history is DON'T connect it up without reading a manual. The capacitors age if not used, and need to be revived by the careful application of lower voltages, in stages, up to the normal working voltage. If connected up without this it will probably explode in a puff of the magic smoke.
If you message me with your email address I will send you a pdf of the operating manual. With this and the help of your friend you can decide if its a good'un. Can't send this through the forum message system as it will not permit pdf attachments, only jpeg.
If you are near Chorley, Lancs I can lend you a 3-phase motor to try it out in due course.
Phil
Edited By Robbo on 19/12/2015 14:12:40