Three phase motor yes.
At lower speeds, the torque will be no where as good as the DC motor.
If you are doing light work, and don't need lots of torque at low speed the VFD will work well.
If you want power, like for drilling 1/2" hole in steel, with reasonable performance the VFD will only cut it if you use, like a 2 or 3HP motor.
At least a 3 phase 2HP motor is not too big physically.
Super X3. 3600rpm. Sheridan 6"x24" Lathe + more. Three ways to fix things: The right way, the other way, and maybe your way, which is possibly a faster wrong way.