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 - Tractor Profile: Case VA Series - by Staff. V, VC, VI and VO). Althouh the Case VA looked much like the V, it shared no major components with its predecessor. Except for military units, the production of the Case VA was interrupted in July of 1942 due to World War II. It resumed again in 1944 and continued until 1953. It started up briefly later on in 1953 and continued on a very limited basis until 1956. The VA Series included the following models: VA: Fixed front wheel tread VAC:
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