Ebay is not a bad place to look. I bought a 2hp Baldor 3ph (TEFC, 1125 rpm) for about $170 shipped.
I'm sure you can find VFDs on Ebay as well. I bought a VFD from dealerselectric.com, TB Woods brand. It was a pretty good price, I guess (hopefully this is not considered deal spotting). It is not fully enclosed so I have to build an enclosure for it. It may be marginal in power capacity for a 2 hp motor, but if you look strictly in terms of amp draw it should work. It was the largest one I could find that had a 120v input (outputs 230v 3 ph). Once I finish building the grinder I'll see if it has enough juice.
