I'm not too electrically savvy but I think 95% of USA/CDN electrical code is common, at least within context of this shop/home discussion. 3P to a home is rare & expensive, usually confined to industrial or rural & higher cost. Some go phase converter with existing 3P motors. But yes, lots of documented VFD retrofit installations on mills. Some vendors offer the motor choice upfront (3-phase or 1-phase) which leaves you to the VFD retrofit. Others who acquire a used machine with 1P-220v high amp motor buy a 3P-motor/VFD package to provide more rpm control & reduce amp duty as mentioned. VFDs seem to be getting cheaper all the time. From what I can tell, there is still work to be done - cabinet, cooling, control panel... resources on the web. I think with this in mind, you are looking for a non-mechanical-VS model like
https://www.precisionmatthews.com/shop/pm-835smill/
A mill VFD conversion is considered easier than a lathe because there is less to do. The VFD becomes the primary speed control, the belt (or gears) stay predominantly in one drive selection although (within limits) they can be altered to offer even more rpm/power control.
Lathe VFD conversions can be more complex depending on the model because there may be more electrical features that need to be addressed - fwd/rev through the lever (via separate switches), jogging, braking. VFD can even incorporate limit switches if you are so inclined like power feeding or threading to a stop position. Crazy nice build, but there are other VFD examples on this forum.
https://www.***************.com/threads/pm1340-the-best-jacobs-full-custom-edition.58507/