I use VFDs for smaller stuff (1-3 horse, TECOs, they're fine and an easy, low-cost solution). But when I get to a spot where the manufacturer of the VFD wants me to do something I can't -like supply 3 phase power- it seems to me that a reasonable approach is to swap out the motor. Especially since a) the cost is about the same, if not less; b) I'm not trying to improvise; and c) I can actually supply what the motor says it wants on the nameplate.
A 5 hp, capacitor start capacitor run motor from WEG (US manufacturer, labelled assembled in Mexico) will cost around 250 bucks... The one I have on my compressor pulls 21 amps at 220V, single phase with a claimed 82-85% efficiency - so it's really 5 horse at the shaft, not some uprated fantasy from Sears. That's a 3450 rpm motor, targeted to compressors. 1740 rpm units are available, cost in the $500 range.
There are some arguments about "balanced" motors on lathes; maybe that was an issue in 1940, but today probably not. Size could be an issue, but that's easily identified and likely fixable. What, if any, other reasons are there not to do a motor swap instead of trying to make a VFD work?[/QUOTE