Thank you both for correcting me here. I thought I had a handle on wattage calculation from what I've read but it looks like I had just enough information to be dangerous as the three phase calculation is different! I appreciate it! This sort of good info from people willing to share is why I participate in these forums - I learn something new every time!
I might have missed this point in some other reply, but it's important: All kinds of motors draw more current during start-up. This is because motors generate "back EMF" in proportion to their speed. Back EMF opposes the supply voltage, thereby reducing supply current. If the motor doesn't come up to near its "synchronous speed", this "startup surge" continues. Motors that work against a significant load, and this includes most lathes because of their large inertial mass, can have a long startup surge. Startup surges can last long enough to pop breakers, and this is a consideration in sizing the wiring and the breakers.
Single-phase motors can have a particularly large startup surge. This is because their starting windings are connected to the supply during startup. The startup windings can draw as much or more current as the other stator windings. It is not unusual for single-phase motors to draw 3 or more times their full-load "run" amperage, which is often what is on the nameplate.
Startup surge current is often a limiting factor for VFD operation. Each VFD has an electronically limited ability to supply current which is generally proportional to its horsepower rating. When the motor "tries" to draw more current, the VFD throttles back the supply voltage to keep its output current within its safe output levels. If your VFD/motor combination fails to bring the motor up to the expected speed, this is the usual reason. And, this is the real reason why people say you need to choose a VFD with double or more the HP rating of the motor. In most cases, you can increase the "acceleration time" parameter of the VFD to a value that works, but you may be disappointed in how long it takes the motor to come up to speed.
The fact that the motor generates "back EMF" also accounts for a couple of VFD issues. If you suddenly stop or reverse the motor, the resultant surge of current back into the VFD can trigger its overload circuitry. A common workaround is to set "deceleration time" to a longer time, say 5 to 10 seconds. Again, you may be disappointed if you're used to having the motor immediately stop or change direction. The better way is to install a "braking resistor" (assuming your VFD has this capability" which can absorb the generated power and stop the motor more quickly.
A final note: most electric motors are very efficient, usually upwards of 90%. The same is true of VFDs. In many postings here, people assume that the differences they're seeing are due to efficiency differences. This is usually not the case. Most often, differences are related to either measurement problems or misuse of formulae for calculating power.
I designed VFDs, motors and transformers for many years, so this is not guesswork.