There is a cost implication associated with changing the motor all be it not unreasonable and then there is the start loads.
If you were to change the motor to single phase then all the switch gear etc needs to be changed to single phase.
If you change the motor to a dual voltage motor you not only have the cost of the inverter you have just added in the cost of the motor and the cost of any associated kit like a coolant pump.
If you increase the power by 50% you will waste more power, the system is not very efficient in the first place.
I would have thought in the case of a two speed Colchester the speeds of 36, 58, 72, 86, 116, 139, 172, 206, 278, 334, 412, 510, 668, 800, 1020, 1600 rpm would be enough for most people.
My view is that a solid state 240v to 415v three phase converter/inverter has its place in providing power to a dual speed motor or similar and with Nigel's mill it will allow him to run his mill with out any changes to the milling m/c supply.