Right, Thanks for all the responses so far, I have A LOT to look at. If anything I do enjoy this as I like learning about machines, as long as i can get it working.
Dave-Thanks for your response- the fuses are probably fine, although i haven't taken anything to pieces in there so i'll check that when i'm back. The lathe has a No Volt Release built in as far as i know? but it has no safety parts like an emergency stop button. The main off/on/on with coolant pump switch provides a very large satisfying clunk but I am unsure if that's the same thing as the contactors you're on about as i haven't been brave enough to turn it on without the cover on, not that that would help as of the 3 pins that need to be plugged in. I don't understand what some of the components in there even do like this entire part in the picture below

But in this part it looks like the contacts are very rusted, if they are contacts that is.
As far as the light switch not being there, I would like to fit one, but I cant seem to find a genuine replacement for the part(any direction from anyone appreciated?)
Ideally i'd like to understand every part in here just so i know what's going on.
Someone has definitely been in here before me as when i first took the cover off I found this drawing
Phil- I see you're in Driffield, I'm at University in Hull, but the lathe resides at home in Darlington. I haven't looked at the key in the end of the lathe, however the cupboard doors do open, so I presume its on. I think your lathe might be the mk1.5 as it looks like it has the reverse forward switch on the back of the lathe, where as mine was added 3rd party ( I think, definitely doesn't look official). Apart from that, the inside of the components in the lathe should be the same when it comes to the electronics. The contactor makes a nice clunk noise when i activate the lever
And yes I do have the manual specifically for the earlier model and this is the wiring diagram from it
Clive and Andrew- Yes it most likely is a static converter then, not rotary (It's also not making any noise so definitely not rotary). Perhaps a short term solution if I can upgrade. The motor plate says its 2.5hp so would a static 3.5hp converter possibly manage? If not, i may have access to a proper rotary one if i beg
Mal-So your pc40 worked with your mk1.5 for a while. My mk1 has a 2.5hp motor and as far as i'm aware, the mk1.5 had a 3hp motor. So maybe the pc40 will work a bit better for mine (still short term fix)?
Simon- Yep thats all gobbledegook, however i'll try my best. As andrew says, yes there are 3 live wires and earth, so no neutral. The converter is definitely 3 phase, but as Andrew also said, its not true three phase. According to the converter, its applying 0 amps, but it says that it has power from 230v mains so 415v should be coming out, I don't think the lathe is drawing anything from it though. Thanks, I'll try not to electrocute myself.
Thank you everyone for your comments so far, I still cannot check anything till the 13th December but this'll hopefully help me with some understanding of what's going on before I attempt anything