Hi again,
I bought an invertek model from willpowerelectrical on ebay, and have not changed parameters. I have several 3 phase machines so the inverter has a 5 pin socket, and I just plug in the required machine and they work fine.
Basically you connect a 3 core cable to the inverter mains input, and connect the motor (3 wires plus earth) to the inverter output. You can also connect an on/off switch to the inverter's control connections to give remote switching ( plus a potentiometer if you want remote variable speed). This last wiring is low voltage. It is a question of following the wiring diagram in the instructions, but if you feel unsure then get assistance from a competent helper.
A 1HP invertek inverter, IP 66 rated (i.e. dust and moisture proof) can be bought from ebay now for £266, so not cheap but if you are willing to make an enclosure then you can get one for £125. I made mine out of an old desktop computer case, and used some filter material to cover the ventilation slots while allowing some ventilation. The inverter instructions specify a maximum temperature of 50 degrees so I wired a temperature cut out switch into the mains input. That was a lot cheaper than buying an IP66 enclosed unit.
I didn't need to change the motor so didn't need to spend more than about £190 for a 3 HP inverter which is much higher power than I ended up needing (I was going to buy a 3HP machine, but didn't in the end).
If you decide to change the motor then make sure it is dual voltage (220/415 volt). It will need to be connected in delta mode, which again is trivial and well described on the web. If your existing motor is dual voltage then I would be inclined to use it and see how things go, rather than buy another - but if it is not dual voltage the you will have to replace it, or take it to a motor repairers and get them to pick the appropriate connections from the motor windings. I paid £35 to have one of mine done.
So overall, if your motor is suitable, you could get it up and running for probably less that £150, (including cable, remote switch and potentiometer), plus any payment for assistance in wiring.
If you decide to go down this route, then feel free to ask for any other advice. There are several other 3 phase users on the forum so I expect there will be more comments soon.
K