Whenever I come across discusions on VFD and their associated costs I wonder why no one has explored the DC option,there's heaps of DC treadmill motors from 1.5HP -4.0 HP out there,enough power to rip your bloody arms of as" Aunty Jack" would say, a very easy conversion with full speed control,check out You Tube on treadmill motors.I've converted my pedestal drill using a 1.5 HP DC motor,geared 2:1 works fantastically,next project my Lathe with a 2.0HP DC motor
VFD’s are very cost effective for converting ex industrial equipment that already has a 3ph motor. In some cases taking only minutes to get a machine running of single phase.
In the home shop I can’t imagine that there is a stand out advantage to one type or the other. The biggest disadvantage to treadmill motors is that they often don’t conform to industry standard frames or lack mounting feet. This is nothing that can’t be addressed by a home shop machinist.
Also there are as many 3ph motors in the waste stream as there are DC treadmill motors. Used motors can be surprisingly cheap.
Now in an industrial setting I’d prefer 3ph motors every time simply due to the reduced maintenance. In a home shop you would likely not wear out the brushes and if you did you would effect a repair before the commutator is chewed up.