I have got a Warco WMT300 which looks to be fairly equivalent to that Clark. I fitted a 0.75kw Teco motor and an inverter rated for 1HP. I got them from Drives Direct, for around £150 all in, about 5 years ago. I have had no problems with power output and torque and am very pleased with the set up.
I have run the motor for long periods at 20hz. I forget the rpms at this rating but it is very slow. It is slow enough to do finely controlled threading work up to shoulders, and reversing the carriage under vfd control after the cut is a pleasure. At these low frequencies I cool the motor using a small powerful fan from a microwave (any powerful localised fan will do). In normal operation (at 30hz to 50hz) I don't need the fan on. I get quite low useful speeds, with enough torque, at around 30hz, and things are very usable.
If you take aggressive cuts at low speed then the motor will stall. I have overcome this by then changing the belt arrangment for that particular job and/or taking lighter cuts. Slow speed and high torque; I dont think you can have your cake and eat it too, at least not at a cheap homeshop price. Do you really need tons of torque at low speed?
I moved my motor 180 degrees so it was outboard to the left of the machine, directly opposite to where it was factory fitted. This simplifies the fitting and also gets the motor away from the back of the bed which makes it so much easier to clean up. I made a mounting for the motor to slide and sit on, out of contiboard/melamine, so the pulley position and belt tension can be adjusted if needs be. I made a pulley to fit the shaft ot the new motor, which was a nice excercise. I removed the lathe end cover box. With the end cover box removed, the pulleys and gears are exposed but I have not had any trouble or disasters with this 'whatsoever'. You can also move the motor so that is underneath the bench and then keep the end cover box; you will have to make up some shafting and get longer belts, but this is no big deal and is very easy to do.
For a few pence, I bought a plastic box and components from Maplins for the remote control and sited the box next to my left hand directly in front of the lathe. A potentiometer for the speed controller, with a home made aluminium knob. Two momentary push to make switches for start and stop. I used a sliding switch from the back of a computer (the 110v/240v power supply selector switch) for the forward and reverse. This type of switch prevents inadvertently selecting reverse. I used normal twisted pair telephone wire to connect the control box to the inverter and have not had one problem.Some will tell you that it has to be top notch screened stuff, but it does not have to be; if the low voltage control cables are not run parallel to high power cables they will be fine.
Get a motor and an inverter for the price you are willing to pay, and give it a go. Once you jump in there and start dealing with it you will find your own way to get it all working. You can always ebay it and get your money back if it is a failure, but I very very much doubt it will come to that.
Steve