I've never used a static or rotary converter, but yes it will let you use the lathe as it is wired.
As for loss of power, it's very rare to fully load the motor on a lathe. You would have to be doing some serious material hogging to ever get there.
One of the advantages of the rotary converter is the ability to do instant reverse, very handy when tapping. Not sure if the static converter will do that, it takes some serious instant amps capacity to pull that off.
That's another consideration, if converting it to a single phase motor, it will have to stop before reversing.
As for the insulation not standing up to a VFD, I've used many old motors on a VFD, never had a problem. Doesn't mean the potential is not there for damage, it's just not a common problem, especially running it at 60 hz as it is originally intended.
And you can still use the original switch, it would just have to be rewired back through the VFD control circuitry.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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