Jon,
Though my original motor is DC, and brushed, it's not a universal type: the original switch-box contained diodes to allow for running from 110V AC-mains where I bought it in Taiwan. (Unfortunately, I bought quite a lot of electrical stuff while I was working there, so now, in Thailand on British-style mains, 240V AC, I have several hefty transformers to run that stuff.)
For a year or so I was running the motor through a system very similar to your description but it suffered severely from lack of low-speed torque, so I've recently been improving the belt-drive to offer more range, whilst running the motor at full chap. I did manage to stall it today, on a brutal cut. My own fault!
However ... as mentioned before, ages ago I bought an "Outrunner" brushless motor + driver, whose only markings are "35Amp".
Struggling to get a home-made (15cc) engine to start, I Jury-rigged the motor to the engine, using the Hobby-King servo-tester as a speed-control and a sealed lead-acid 12v motorbike battery. To my surprise, this little motor actually spins the engine, and turns it against compression (and backfires) even at a low speed-setting.
So perhaps a larger/stronger brushless motor would do for the lathe - especially with the improved belt-drive.
Regards,
Geoff
Thailand