Yeah, the solutions offered to the OP of this thread are a lot more practical than a single-phase VFD. But they might be useful to those interested in building their own powered lathe. With one of these, the mechanical alignment issues with multiple pulley diameters and wooden pillow blocks aren't an issue.
I find that all a slow speed grinder does it make take longer to burn your tool. Grinding takes practice, dress you wheels so they are sharp.