Hi!
That's a perfect motor for what you want to do.
Any VFD that's rated for single-phase input, and 3/4hp output will be sufficient... and they will have ratings for capacity in that arrangement.
It is also possible to use some brands/models of VFD that are NOT identified as single-phase input, but when doing so, one must realize that the VFD is designed to have it's incoming power spread across THREE wires, instead of two, which means expecting full output is actually overloading the input. It's also important to realize that many VFD manufacturers have their equipment designed to detect phase loss, and when they see it, they automatically shut down. Some VFDs have a parameter which can be set to ignore phase loss, and some cannot. IF you choose to go this way, the popular suggestion is to 'oversize' the VFD a bit, in order to make up for that circumstance. Going to a 1hp VFD, for example, would bring it closer-in-line.
As for 120v input... you will be needing about twice the current, than if you were running 230-240v. A common 120v/20A receptacle is capable of 2400w, which is technically a smidgen over 3hp, but wiser to expect around 2hp. You could easily run the 3/4hp unit from a 120v/20A receptacle, except for the fact that a 230v VFD would not like being fed only half it's input voltage. I have used an ordinary dry transformer intended for stepping down 240/480 to 120 BACKWARDS, thus yielding the higher voltage, and had no issues at all.
Notice that your motor is labeled for 230-460... you could use a dry transformer to step 120v up to 460, then use a 1hp 460v 3ph VFD, and drive your motor (wiring configured for 460, of course).
As for torque at lower speeds, programming and planning is most of this issue. The VFD can run motors at very low speeds, and yield some amazing results... there's also some things you can do with a VFD'd motor that you simply cannot do with a constant speed setup... like overspeeding.
overspeeding is when you program the VFD to run at a frequency HIGHER than 60hz. For example, if you program the VFD to run to 120hz, and you have it connected to a 60hz 1800rpm motor, that motor will run to 3600rpm. IF you run an additional 2:1 drive reduction on the motor, you'll have a spindle that, at 60hz, is only going half it's original speed... that means 30hz is a quarter of the speed, but your leverage from that drive ratio is doubled. My Johannsen radial drill has a Bridgeport J-head, which runs a Gates Polychain toothed belt 3:1 reduction, with a 2hp Baldor like yours, also 1800rpm. I have it programmed to 200hz, which means the motor runs 1800/60*200=6000rpm... and the spindle is running 2000rpm. Without the backgear, that drill has an immense amount of torque at ANY speed. From a stalled start, with the backgear engaged, I it will easily twist a 3/4" tap in half.
I used the tooth-belt drive so that I would not be faced with slipping V-belt issues or excessive side-loading of the spindle or motor bearings. I also removed the motor's factory cooling fan, and mounted a constant-speed fan on the motor shroud. When a VFD is running a fan-cooled motor slow, it's fan is moving very little air, hence, they'll get hot. By using a constant speed fan, I never have that issue. Furthermore, if you run an 1800rpm motor to 6000rpm with the original fan, it'll sound like an air-raid siren. Not polite to the shop-kitty.
I run the same drive concept on my Monarch 10EE, on my Bridgeport J-mill, and on my Whiteman 42" power-trowel... but the Monarch and the Whiteman run 480v single-phase instead of 240 single.
I have a Clausing drill press for small-bit work that uses a dry transformer to step 120 to 480 to run a 3/4hp toothed-belt drive to the spindle... and with a foot pedal, it's a handy hole-drilling animal.