A quick update, in case anyone is really interested.
The low-voltage control circuits that I improvised and the conversion of the anglepoise lamp to use a 12V LED have now been running without any issues for more than six months.
The motor continues to run well at 240V from the VFD although its sometimes "sticks" on start up. I don't think that the alterations to the case geometry that I caused by slitting the case open have done the motor any favours: I should really pop the top cap off the motor housing and look at the bearing again. I may end up having to put a substitute motor in, one day, but this is going to involve grafting the end of the long shaft onto the new motor. Someone has posted a thread about doing this (with success) but for now, I'm happy to simply feed the machine a new bearing race every few months.
The X-feed stalled a while back, immediately melting the Chinese 240-120V autotransformer, so that's now in the scrap bin and I'm using a big, external transformer rated at about 1KW. It's over-kill, but it was cheap, it works, and with the transformer sitting on the floor behind the mill, it's hard to notice the difference.
All in all, the conversion from 415/480V 3-phase to 240V single phase has been a success. The machine can fairly rip through metal with the right cutter, I'm now definitely the weak link in my home manufacturing set up.
Kind wishes,
Nick