Hi Stephen
I did up a S800 some years ago ( its the light green one on the lathes website that now looks like it's in someones front room!) I fitted a 1hp motor and VFD , from memory it was a 4 pole motor that I ran up to 3000rpm and it worked fine. I did look into DC drives for the original motor but the expense was not much different to a VFD and motor, and bearing in mind the original motor must be well over 60 years old didn't think it worth it. Seem to remember the field voltage was not in the standard range for an easily obtainable DC drive, but it was about twenty years ago now so might have that wrong.
Cromwell are very good lathes but I couldn't ever get used to the controls in a different position, must not be very adaptable I suppose, good luck with it.
Dave