Robert Murphy
First off, in your situation you first need to check your motor for wiring options.
If you can not change wire configuration, you will have to change the motor or use a transformer.
Look at the spec. tag on the motor for available wiring options.
I am in the same situation as Gordon. multiple horse powers on multiple machines. from 3/4 hp to 15 hp.
I have capacitor bank for the very large loads, to no caps. for the smaller motors.
The capacitors are to balance the loads between the 120v per line feed.
Yes, this is a 220v single phase system.
This is always a big decision for someone starting out.
If you do not plan on getting any more machinery, VFD's can be very nice, especially a drill press where you want to vary speed for different drill sizes.
One thing that you need to know about VFD's is that older motors, it all depends on the use, don't play well together. You can get humming and over heating. The VFD can over load if you don't size it properly. You do have to set parameters in the control for it to work properly. If you don't like to mess with that sort of thing, you will have to get somebody who understands what is needed.
It is fairly easy but if that is not for you, so be it.
All the formation is on line and you can check it out for your selves and decision.
fltenwheeler
Is your lathe a Delta Rockwell, variable belt speed lathe? The one with the variable speed lever on the lower left.
Or is the v/speed near the gear changer?