I've just completed this very task. I won a 2hp inverter from Drives Direct on fleabay for =A3105, got him to provide a forward/off/reverse switch and a speed pot. My motor is a very old Brook Gryphon 1hp that I've just had rewired to Delta and given a refurb by my local rewind place. The instructions with the inverter are amusing in their lack of detail, I basically figured it out from the rough diagrams included. Pretty straight forward to wire it all up and job done. Just waiting for an IP56 junction box thing to arrive through the letter box so I can mount the switches neatly and I'll be all set! If you'd like to see some pics let me know and I'll get the camera out.
Cheers, Rob