Izzy,
I was just looking at the schematics that you e-mailed to me. What you could do is get a VFD with 230v single phase input and 460V three phase output rated to operate your 4 HP motor. Wire the 460V three phase output from the VFD to the tops of the three fuses designated as FU-2 in your panel (you would discard the existing wiring to and from those fuses). Then disconnect the three wires (T1,T2 & T3) from the bottom heater connections on the magnetic starter and connect them to the bottom side of the FU-2 fuses. This should put your VFD power directly to the spindle motor and utilize the existing fuses to protect the motor. Then you would disconnect the existing wires from the tops of the fuses designated as FU-3 and connect a 230V single phase power source to the top side of these fuses. Then you just need to re-do the primary side wiring on the control transformer and connect it for the 230V input as shown on the transformer. I think that should work. I'll give it some more thought to make sure I'm not overlooking something.
Ted