Right chaps, I've had some time to consider all the good points made and really appreciate your guidance. I'm probably 80% convinced that a 'non-mechanical' device is the type I should go for.
My 20% of doubt centre around the fact that :-
1) I don't want any compromise in machining quality (This was the very reason to get a J&S instead of f a Warco)
2) I don't want any loss of torque
3) want essentially plug and play, no motor modifications, splitting circuitry etc. I have enough to do without adding the the 'to do' list 
Im sure if I keep researching I will eventually find what I need but its a jungle out there, at least for the electrically uninitiated. In the meantime I have a few questions that I hope someone can answer for me:-
A) Power rating – My motors name plates give mech output power (kW) and input power (from VxA). Should the drive be sized on the input or output ?
B) Cost aside, is it best to match the drive power closely to that of the motors or significantly exceed it ?
C) There are a very limited number of drives that say "1ph240V input and 3ph400V output". What is the reason for this? If I were to get a 240 > 240 converter, this WOULD be a torque compomise wouldn't it ? Or am I missing something ?
D) Some say one should switch the largest motor on first (the wheel head) followed by the smaller. In my case the name-plate rating of the two motors are 1.5kW and 0.55kW respectively. What I'm thinking here is that the wheel isn't under any load until its cutting metal so its current consumption might actually be lower than that of the pump motor that will be operating under full load immediately. So does it really matter which goes on first ?
Gerry