I've fitted a speed controller to a Record RPML300 lathe, and had all the bits ready to fit one to my Tyme Avon, but now I'm about to get the Mystro, will need to rethink the latter.
Basically, all you need (
) is an inverter to convert from the single phase mains supply to 3-phase and an appropriate 3-phase delta connected motor. Which sounds simple, but.....
1. Inverters can be quite pricey. I picked up the 1/2 horse one for the Record off Ebay, as was the motor, but to buy new you are talking £150plus.
2. The motor has to have the same fitting, (foot mounting or a flange of the same diameter) as the original, the same shaft diameter and length. Or you have to have access to metalworking kit. For the Record, I had to turn an extension shaft to fit the original pulley, and an intermediate plate to accommodate different flange sizes.
3. Dustproofing. Inverters over 1/2 hp are usually fan cooled, so you have to find a way of keeping dust out of them. The Record one was cooled by a passive heat sink, which avoided that problem, but I'm still puzzling over the bigger one.
And having done all this, I'm not entirely convinced that it's necessary. I did it on the Record because it only had three speeds. The four speeds on the Avon have never really caused me problems, and the Mystro has 5 speeds, so maybe in a few months, I'll be offering my foot mounted motor and inverter to anyone interested!