Have you tried the other 'power' settings? There's only a rough relationship between switch position and motor size, so it's worth experimenting. I'm not familiar with the transwave but I think the voltmeter measures the fake phase and should read about 240v. If it's not, the motor is being fed unbalanced 3-phase, which might explain noise.
Other possibilities: Static converters have a start mode that's switched off once the motor is running by a relay. They can go wrong, perhaps not cutting out. Also, the circuit depends on capacitors that can fail.
One important thing to check: make sure the motor isn't getting hot! A mismatched static converter can burn out the motor. If the motor warms up, don't use it until the problem is resolved.
Any Transwave owners or converter experts about?
Dave