It depends on the lathe, You can’t on my Colchester Bantam. Are you going to save much anyway compared to the cost of a new motor?
Not sure, wondered what my options will be. I need it to run from the domestic plug socket in the shed, and got a little wound up reading about 1 vs 3 phase, VFD, etc.
I run mine (and my milling machine) on VFDs bought for around £80 on eBay. They were easy to set up.
@pdlouche started
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It depends on the lathe, You can’t on my Colchester Bantam. Are you going to save much anyway compared to the cost of a new motor?