As posted above, i am a big fan of VFD's for lathes + my shaft profiler.
But please explain this suggestion? IOW maybe there is a pic of a voltage dataplate i am not seeing? (there seem to be blank pics on my screen, only one that shows is overall shot of lathe.)
From what i understand, the few 220v to 440v options that don't require the OP to add a transformer and extra gear, are about $2x the 220V VFD's. A few years ago, they were an aftermarket option on some TECO's but voided the mfgr's warranty.
The first thing to do is verify the lathe voltage as wired. Even if is is 440v ( i have a number of 440 v and some 550v machines) my preference would be to re-wire the motor connection to 220v if it is a single speed motor.
If the machine is wired 440v and has a multiple speed motor (meaning you can't just change the terminals in the motor junction box), there aren't many who would pay the asking price, i'd look for a discount to accommodate some changes.
If the motor is wired 440v but is single speed, and has 9 wires in the motor junction box (sometimes called the peckerhead, though that is not really correct since ph description is for a service entrance) it is easy to reconnect to 220v. The contactors will probably accept the increased amp load from the lower voltage, but it will be necessary to change the heaters or re=calibrate them if adjustable if you routinely tax the motor limits (actually use full HP). Otherwise on 220v, the lower amp heaters from 440 will nuisance trip.
If the motor is wired 440v and does not have adjustable heaters, conetip's suggestion is reasonable, since it would be plug-n-play. But i have 2 objections, the VFD increase in price (about 2x and maybe void warranty) would probably be more than the cost of changing heaters (maybe $30/set max? overloads on the contactors), and i'm just not fond of 440 volts in a more or less hobby shop. Especially when 220v has to be jacked up to get there.
If the lathe is Canadian or from a fabric industry (Carolinas) just do a quick verification it is not 380v or 550v.
Assuming it can be re-connected 220V, that would strike me as the most cost effective and quick way to apply a VFD, plug and go.
smt