Dusty,
I was so happy with the three phase motor and VFD that I added to my old mill, it's the first mod I'm doing to my new mill. Being impatient this time around I opted to purchase new surplus from Lenmark for $116 not sure where you are located, Lenmark is in Langley and they have a lot of new, used , surplus etc. This is my first purchase from them so at this point all I have is a tracking # , hopefully the motor turns out to be good.
Kijiji etc can be a good source for a used bargain, but it may take a while to find what you want.
The important things to look for are (and can all be found on the nameplate):
+ HP
+ RPM (match what you have, likely 1700-1800)
+ Frame (match what you have)
+ Voltage 220-240 (often these motors have wiring to accommodate multiple voltages just make sure it includes an option for 230V)
+ 3 Phase
For the VFD, I have a great success with Altivar brand. I did try a generic Amazon style one for my drill press and it worked great for a while but then died. I found another Altivar on eBay for about $50 used I'm going to use that for my new mill.
Single phase motors have two wires plus a ground, three phase motors have three wires plus a ground.
When using a VFD, not only do you get variable speed, but also dynamic braking that can wind down the spindle very quickly. The really cheap VFD's don't have a feature called torque compensation that allows for more torque at slow speeds, this was important for me because when drilling really big holes I like to turn the speed way down.
Another note, there is a fair bit of chat about only using inverter rated motors with a VFD. I'm not and expert but from my limited experience and from what I have read here is the skinny on that topic:
compared to regular sinusoidal power that we get from the utility, the VFD produces a less than perfect waveform. The less than perfect waveform = some harmonics, greater voltage deviations etc. When using small motors 1.5-2HP @230V with less than perfect power the inverter rated hooplah is overrated because the 230V motor has 600V wire in it anyways etc. Now for larger motors for example 10HP and 600V operation than an inverter rated motor is probably a wise investment. I have been running a regular (very used) non inverter rated motor that came out of a commercial dryer for several years now and it's running like a champ, and from what I have read this is typical.