This is for those in Australia who have lathes that use induction motors and would like the flexibility that comes with variable speed.
I found that this month's Silicone Chip magazine has an article describing how to build a variable speed drive that suits 3 phase or single phase induction motors up to 1.5kW

. It's intended for pool pumps to save energy, but I reckon it would be ideal for small lathe owners who have to use their gearbox to get different speeds.
I won't be doing it because my lathe is already variable speed DC, but it might be simpler and cheaper than swapping out the whole motor.