Choosing a VFD (picking a tree from the forest)

I am liking this thread as I know zilch about VFDs, One of my lathes came with one, and I want to put one on the other. and am trying to figure out what is needed etc. Mine would be on a 110v and figure I would have to purchase a new motor, as the old one is single phase only both 110 and 220V. It will be a little while before I can spend that kind of money, but will be trying to figure out what is needed.
Budget is a limiting factor, is a small older 10x24 Jet lathe. Any suggestions appreciated.
 
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