I have a LeBlond Regal, a bit lighter that yours, but I like it.
The flat ways are supposedly replaceable, but I've never heard of anyone doing it. And you'd probably have to grind them in place once you replaced them anyway.
You'll probably need a 10hp RPC. They're easy to make it you want to save a few bucks (which you'll need for tooling). A 10hp 3ph motor, some caps and a contactor or two and maybe some buttons. Lots of threads with information available on that. With some scrounging you could likely put one together for less than $100.
An advantage of an RPC is if (actually when) you get other machines, you can just plug them in and go. No rewiring needed.
Changing the motor voltage to 240 should be easy. There should be a connection plate on the motor showing what you need to connect.
Look for a wiring diagram, there may be a step down transformer used to run the other 3ph motors that needs to be strapped out to run at 240. Or check with LeBlond Ltd. Parts are pricey, but they can be helpful.
Read up on all of the 'how to run a lathe' books and pay strict attention to safety practices. That lathe could wind you up like a pretzel, there's not going to be any belt slip to save you if you screw up. Check with your local community college/votech school and see if there are any classes. Having an experience instructor can make life a lot easier.
Have fun!
