If you want to avoid 240v then, I would consider DC or AC PM motor & drive, from the likes of Baldor etc, It wont be the cheapest way however.
I believe there some VFD's that are 120 1ph in, but you may have problems getting a 3ph 120v motor.
Personally I would get a high grade flux vector VFD 240v 1ph in with a 3ph 4 pole motor and encoder input, they can be obtained with torque capability down to zero speed, The only thing is, if you want C axis control from it and it is not direct drive to the chuck or at least zero backlash from motor to chuck, you will have to put the encoder on the final chuck shaft, and scale it accordingly.
You will also need a motor cooling fan for low speed operation.
Al.
CNC, Mechatronics Integration and Custom Machine Design
“Logic will get you from A to B. Imagination will take you everywhere.”
Albert E.