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Converting Colchester Triumph 2000 Lathe to Single Phase

I'd strongly recommend just buying the machine and keeping the motor at factory spec. You can keep in mind the option to fit a VFD, if your machinists/foreman think that more/slower speeds would be helpful.

Better places to look for energy economy would likely be better/efficient lighting, HVAC, and maybe looking at what you're doing with acetylene that could be done with induction heating or some other method - gas isn't cheap.
Thank you for your valuable feedback.

Inclination to buy this machine was its 16 speed gear train from 20-1600 RPM with a high precision turning accuracy 0.001" a hundredth of a thou.
With you feedback, I think only benefit with VFD would be intermediate RPM for machining the jobs like in a CNC machine. Other than that, I would prefer the machine in its present form and focus on VFD for pump that keep running while the machine is on.

I am not going for a VFD motor as of now. Many thanks for your valuable advise.
I am considering purchasing a Colchester Triumph 2000 Lathe. It has a GEC Machine Motor made in the UK. It is 5.5kw (approx 7.5hp) 3 phase, 50HZ, 1395 RPM, Voltage 220-250 / 380-440 V, Delta / Y Connection. I have attached a photo of the motor nameplate. I had to remove it from the motor to get a good picture of it.

I only have 220 Volt Single phase 60Hz power so I am considering the following options to power it.

1. Replace the existing motor with a single phase motor either 1450 RPM or 1750 RPM with a smaller motor pulley to match the RPM at the lathe. I don't plan to do a lot of heavy work with the lathe so I was thinking I could probably get away with a 5 hp motor ?

2. Use the existing motor with a VFD with 220V single phase input and 220 Volt 3 phase output. If I go this route will it work OK with the existing 50Hz motor. arrangement

The VFD will probably cost less than a 5 or 7.5hp single phase motor unless I find a used one at a good price but I have no experience with a VFD installation. I would appreciate suggestions from anyone who has experience with a conversion like this.