This may of some interest here. Perhaps it has been viewed, discussed, or otherwise mentioned already...
If you look at the yahoo 9x20lathe user group in the files section for
http://f1.grp.yahoofs.com/v1/0FZCS2B...20%20lathe.pdf
There's a GREAT doc about a VS AC motor mod using a VFD and your choice of 3-phase AC motor. I thought the treadmill DC motor was the only way to go, but I think I like this as it appears that the same 10k pot that the mini mill uses can be used to control the drive. So... I could just unplug the steppers and other harness from the mill and plug into the lathe and use the same control panel.
Just a thought...
-4ist