You should not need to do a phase conversion in order to use a VFD motor control. I suggest you cruise on over to OWWM.org and review the many posts others have made on this issue. The folks there are as nice as the ones here and there is a lot of expertise and material available for you.
In general I think you are going to give up a lot of torque if you try to slow down your motor, but never having done it I could be proven wrong. There are many, many variables involved here. I strongly suggest you enlist the aid of either a professional or at a minimum someone who is well versed.
Keep on turning ...
See if this helps:
http://www.owwm.org/viewtopic.php?t=...r+speed+reduce
And from another post in the same vein on this site :
<snip>
As Bob V points out with the lathe, VFD's are not a direct replacement for pulleys or gear trains. Shaft horsepower is the product of torque x RPM. If you have a machine and you have a choice of two motors, both rated at the same output HP, but differ in
speed, e.g. 3450 and 1725 RPM, it will make no difference which one you choose. If you pick the 1725 RPM
motor, you will need a pulley that is twice the diameter as what you would need with the 3450 RPM one. The torque output (at rated
speed) of the 1725 RPM
motor is twice that of the 3450 RPM
motor. Once you go through the
speed reduction of your pulley system, assuming we have the same
speed at the driven shaft, you still have the same HP available at that final output shaft and the same torque (minus the losses from the drivetrain, e.g. pulleys, belts, bearings, etc.) HP at the output shaft will be the same as the driving
motor (minus losses), torque depends on the drivetrain
speed ratio.
Now if we take a VFD and use it to control the output shaft
speed, we have a different scenario. In general, a VFD running in the sub-100% range operates in "Constant torque" mode. If we run the
motor at 25% of rated
speed, the output torque is constant but the shaft HP is 25% of rated. If instead you use a drivetrain to accomplish the
speed reduction, the HP available is constant and the torque at the driven shaft is 400% of what the
motor is rated at. Torque relates directly to the cutting force generated. Power relates to how fast you can do the cutting.
This is also why an electric
motor is rated for HP, not torque. They are directly related through shaft
speed, but they are not interchangeable concepts.
</snip>
There is the answer to the torque issue I posed.