Not an expert, but my take on it.
Lathe motor. Likely connected in star configuration at the connection point within the supply connection box fitted to the motor. These may well be altered to delta config. at thees terminals and thus fed with a 220V 3 phase supply.
Mill motor. This would need the star point separating, and these wires extended for connection as delta, so not so easy and may not be practicable, dependent on how the wiring is embedded in the insulation, etc. So it is only 440V at the present time. Connecting this motor to a 220V inverter would reduce its power very considerably.
As for the inverter – I don’t know what its quality might be and expect it is 220V 3 phase output (doesn’t actually say?). Running one or the other motor is a possibility from the one VFD but running both at the same time may not be a sensible option. There would be issues with VFD settings, as each motor would be different (for overload trips, etc), so not really a recommended option – it would be OK to run either one or the other if they were the same type and power.