Yes VFD and 3 phase motor. My lathe came with one fitted and there is a potentiometer on the front panel which controls speeds.
There is a belt change option on the drive train to expand the speed range but in all the years I’ve had it I’ve never used it.
My friend has the same model but single speed belt drive. I can’t imagine changing belts to change speed !
You can get DC motors and variable supply controller but I have heard of issues on the controllers so VFD all the way for me.

Costs:
VFD £80
3phase motor £120

You would ideally make a control box for start stop etc and connect to the control terminals or cheat and get a VFD with pot on a removable control panel and mount it somewhere nearby.

Motors come with face mount, flange mount, side mount (at several positions) so check what will retro fit.

ps chuckled at the ‘out with the Wife and away from workshop intro’. Just keep smiling and agreeing and you’ll be back before you know it.