Hi Darren.
You can convert for approx. £230 all new kit. i.e. new inverter, new motor. That included a dustproof steel case as well, but only cause I was too lazy to make one of my own. I have converted my own Nova 3000 but my machine is one of the first to reach these shores. It has a motor platform, the newer models I believe have a face mounted motor.
The inverter I used was a Teco T-verter, because it was the first I found that had a integral fan.
DO NOT buy a DC motor if you go this route the motor you need is a 230/415 3 phase motor. Sorry Russell.
I believe it is classed as a delta star configuration. I'm no spark so am not really up on the names.
I went this route only because I know two woodturners, 1 professional and 1 hobby who have had problems with purpose built VS lathes. In fact one machine was away for over 3 weeks being repaired.
I like the idea that if my electronics go west I can just go out and buy another complete inverter.
http://myworld.ebay.co.uk/drives_direct_nottingham
Try this guy, he is very helpful and will take you through the whole wiring sequence if needed. I HAVE NO LINK WITH HIM. Just bought my second inverter from him.
Sorry for being so long winded, and good luck.