Hello Bill:
About the constant horsepower warning.
Its the manufactuer's way of reminding you that you can't get rated motor horsepower at speeds below the rated speed.
Recall that HP is the rate of doing work. James Watt picked 33,000 ft-lb/min as the rate that an average horse can pull a load. This has been the basic definition ever since.
For a rotating shaft (or motor or lathe spindle) HP = 2*PI*RPM*Torque/33000 (were Torque is in foot-lbs)
This is often reduced to HP = RPM * Torque / 5252
So for a constant HP situation, the Torque goes up at the same rate that the RPM goes down.
Some machining processes, like drilling, tend to follow this rule. With single speed AC motors, we use multiple pulleys or gearing to get around it.
Remember that with a DC motor, the available HP goes down linearly with RPM. So at 1200 rpm motor speed your 1 HP, 2400 rpm base speed motor would have 1/2 HP available. Also recall that when torque flows through the machine from motor to spindle, it gets modified up or down by the gear ratios. HP on the other hand, does not change as it passes through the gear ratios.
For applications where there is no gearing installed, the DC motor is often oversized by a factor of 2 or 3 to get good performance at low RPM.
So at first look, your idea of putting a 1 HP DC motor to replace your 1.5 HP AC motor might not make you happy in the end.
But I did a little calculating to see how it might go on your lathe. (haven't done these calcs for many years - it was a good exercise to go through them again).
I won't go into all the details here (see Machinery's Handbook chapter on machining power), but I assumed a specific HP of 0.88 HP/cu in/min which is typical of mild steel with feeds of .005" per rev. I figured you would belt your lathe at the existing 2:1 ratio so that the 2400 rpm DC motor would give you 1200 rpm on the spindle at rated motor speed (2400 rpm).
If you then adjust the motor speed to hold a surface speed of 200 - 300 FPM (typical of HSS cutters) for various diameters, it looks like the 1HP motor can handle cut depths of 0.015 (per side) up to about 3.5" diameter work. Above 3.5" dia, you would have to reduce the cut depth so as not to exceed 1 HP.
For "free machining" steels (like 12L14) the specific HP is around 0.52 and you could probably get up to 6" diameter before you run out of low rpm HP.
As you can see, the problem is that when you slow down the motor to hold the surface speed on large diameters, you move the motor to lower HP.
Aluminum, of course is much easier to do than any of the steels.
So, if you do most of your work at 3" dia and less, and you are not put off by feeds of .005/rev and cut depths of .015 per side, the 1HP DC motor might get you there.
Plus, if you are willing to make new pulleys to get you a 4:1 and a 2:1 belt ratio, then you would get to go to larger diameters or to larger cuts.
(I checked my work a couple of times, but if you decide to take this to the bank - I sure hope I didn't screw something up)
Terry S.