I have never found any mention of running the Reliance SP500 or the GV3000 on single phase but I know the 460 volt ones work. I have yet to hook up my 230 volt one. I do believe you will need to derate as they are not built for single phase operation and hence will not have the transistors sized for single phase amps nor will the capacitors be sized large enough to handle the single phase ripple. JRAEF is the vfd expert here so maybe he will chime in also. I have always derated mine since the manual does not specificly state the rating for single phase use. I do like the drives as they are industrial duty.
I am currently in the market for a 10 hp, GV3000, 460 volt. I have a 7-1/2 but need a 10 hp to be able to get full hp from a 5 hp motor. I have a Reliance 5 hp motor with the feedback tach. and I would like to put it on a lathe and see what it will do.