I mounted the wooden shelf/tool holder holder above the lathe. The man I bought the lathe from built it, and while it looks pretty crude it is actually going to be super convenient to have easy access to my tooling!
I ordered a variable frequency drive (VFD) and it arrived last week. Now I just need to run a 230V circuit to my shop and I’ll be in business! I’m just going to run #12 wire and put it on a 20A breaker. The motor doesn’t draw any where near that much current. Also, I have an electromechanical brake on the back of my motor that I’ll need to remove before I use it with the VFD.