All the lathes in this size range type typically use a 1750 RPM (4 pole) motor because of better torque and less speed reduction required, if using a VFD you would want to use a single pulley in the 2.5" range, the speed range would be managed by the VFD by taking the motor up to 120 Hz. This particular lathe has a lower maximum speed (1240 RPM), not sure if it is because of bearings or gearing, but you should be able to turn up to 1400-1500 RPM.
You will need to check the motor dimensions to your space (height and length), sometimes it can be a tight fit. The Leeson motor can only be run on a VFD and is a TEFC motor, so spec. wise it can easily run to 120 Hz. The Marathon E467A is a TENV and very compact in length, often used as a replacement on asian lathes, it should do fine up to 120Hz and does not require fan cooling. The Marathon E2107 is a TEFC similar to the Leeson, but the first two motors are proably better options. Typical motor low speed rating for the motor would be around 20Hz due to Hp decreasing below 60 Hz. So fine for threading and smaller work, if you need more power you can always gear it down.
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On a lathe you usually you need to use an external braking resistor with the VFD for rapid stopping. They run around $60, the VFD's are in the $280-300 range. The Teco is a bit less and may be easier to setup, but there is also a lot of information on the Hitachi WJ200 basic install on the PM-1340GT, and probably do a similar install on the Jet.
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