Should be fine... I've been running a 3HP VFD on my 2HP mill for about three years now... It's been flawless... However some guys like to use the VFD as a speed control which it is able to do... But if you really plan to do that you need a VFD rated motor or the motor will probably overheat & fail...
My small lathe is 2HP single phase which is nice...
I run a rotary phase convertor for my big lathe because VFD's generally don't do well much above 3HP & my big lathe is 7.5HP
