Since nobody seems to want to buy my old lathe due to it's current dual voltage setup, I'm thinking about changing it so it runs solely of 240V.

The spindle is easy enough to sort, but the turret is more of a problem.
It uses a 600W 3 phase 110V motor, which is currently powered via a 3 phase 415->110V transformer, then two interlocked contactors for forward/reverse.

If I was to power it with a VFD, am I correct in thinking, all I need to do is change the rated motor voltage setting in the VFD from 230V, to 110V?