You don't give many specifics, but googling your description suggests you're looking at a VFD that will take a 120v input voltage and output 230v 3 phase. This is perfectly acceptable, but be aware that the common 15 or 20 amp circuits found in residential installations won't reliably power a motor larger than 1hp. The key phrase here is reliably, if you've got a dedicated 20 amp circuit with only the grinder plugged into it you can get away with a motor up to about 2 hp, but that's about the limit. Be sure to follow your local building codes regarding wire gauge, you'll probably need 12 gauge wire.
If you feel you need a motor larger than 1hp, which you likely do, and if this is for use in a residential building, I'd recommend using a 240v 1ph circuit. If this is for a commercial/industrial installation, you're probably already planning on using 230v or 480v 3 phase power, in which case you can use a motor as large as the VFD will support.