Wiring question (Help please!!!)

[Rick Christopherson]

4) Understood that a VFD costs me 15% (.85 x 1 HP= .85 HP)

I didn't follow all of the details in your posting, but this aspect struck me because it is not correct. Whoever told you that a VFD driven motor does not provide full power from the motor was mistaken. Since you have already purchased a single-phase motor don't change anything, but I suggest you also keep the 3-phase motor for future possibilities. A lathe is a perfect situation for wanting a 3-phase motor driven from a VFD, and this is not an option when you only have a single-phase motor. All I am saying is keep your options open for the future. I would have kept the 3-phase motor, myself.

Can anyone tell me what I would have to do to make this reversible? Is it worth it?

Oh, I didn't see this question until after I posted. If you want reversible, then put the 3-phase motor back in and use the VFD. You not only get variable speed control, but the motor will be reversible with a touch of a button.