Tim, that is a nice set up!! how is the static converter working for you? I have heard that they are not as reliable as the VFD's or rotary phase converters. Something about the starting of the motor. But with a 1.5-2 hp motor, that only draws 6-8 amps, that may be a great configuration. I see the VFD's can be had new for $200-$300.
Mud, I paid $1,100 for the Alliant. It has chrome ways, power feed on the spindle and X and an older but working DRO. As Jim says, there are some great deals out there. I found this one on Craig's list. It was about 70 miles from my house. Also, you can go here:
Practical Machinist site
This is a site with a lot of hard-core machinists who really know their stuff - kinda like this place.