weighing back in again, LOL
OK so my lathe is a Gosan 1440V
http://www.shyesheng.com/products_20-17Series.asp , 3 HP 3 Ph came factory stock with a Delta VFD. It has two speed gear box and the speed ranges are, 30 - 405 and 165 to 2200. I am using the dial on the VFD frequently to speed up or slow down the unit and often switch from High to low, especially when parting off or threading. The one issue I had was that the VFD was not sized to operate it from single phase, so my options were to replace the VFD, and add another for the suds pump, or feed the lathe from a RPC. Based on my "other" equipment concerns, I went with the RPC and have been very happy with my decision. (OK so I wish that I had gone with a 10TZ instead of the 7TZ as very quickly I realized that a bigger RPC would have been better as I added more stuff.)
DC Motors, I repair power tools and machinery for my living. When the first treadmill came in for reapir, I looked at it and replied, OK, looks like a big belt sander, I am sure I can handle it. Since then I have repaired hundreds of treadmills and other exercise equipment. I have on occasion tried retro-fitting those motors to other applications and generally, I am not impressed as the speed and power of the motors does not lend itself to many other applications. also reversiblitly can be a factor, often the motors are offset wound, so they have a much higher forward torque, but when run in reverse they are almost in neutral and have very limited power. To get an idea of how this works, look at some of the power tools that have a forward reverse switch, that rahter than electrically reversing, they use a brush shifter. Rotate brushes all the way one way for forward, then as they are shifted back the other way, the motor slowly looses power until it stalls then slowly increases power in the reverse direction until the brushes are all the way around the armature.
I tried to install a 1/4" HP Industrial DC motor with an industrial KB Pentapower controller on my 4 speed 24" Beaver scroll saw and found that at even with the belts in the slowest speed range, with the DC motor turned down slow it did not have the umph to get itself moving properly and was jerky as the speed started up. If the speed was set high enough it ran just fine, but then it did that with the regular motor on it as well, so it is running with a regular motor, waiting for me to trip over a VFD and 3 phase motor that will work. Slow speed is for cutting metal and for filing with it.
Now back to treadmills as you mentioned that the treadmill was a 240V unit. There are treadmills that are made with 3 pahse motors and VFD drives. These are the more commercial units like the ones found in hospitals for stress tests and in commercial gyms. These motors are idea for other applications, except, they are open frame motors. Not even generally open drip proof, just open cage frames and they need to be protected from debris if used in other than "designed" applications.
Walter