If the motor is 30+ years old and not easily replaceable, I for one would not apply a 440V VFD to it, it will most likely accelerate the motor's demise. Motor windings more than 10 years old were never designed for the rigors of VFD use. You can add filtering to the output of the VFD to help prolong the inevitable, but the added cost would likely outweigh the other options. A better choice for that task would be a rotary phase converter, or get a good motor dealer involved in finding you a 1 phase motor that will fit.
I would also be concerned for the viability of that VFD. Emerson divested themselves of the group that made that drive over 15 years ago, so even if it is still working, it is likely on it's last legs. If it has been un-powered for more than a year, you will need to go through a special power up routine to ensure the capacitors have not dried out or you will fry the drive.
FYI:
The "official" formula for 1 phase to 3 phase current conversion is to multiply the 3 phase current by the square root of 3, 1.732 to get the 1 phase input current. So assuming your 1HP 440V motor is going to draw 1.4A FLC, the VFD current rating will need to be a minimum of 2.42A. However, the secondary problem with 1 to 3 phase conversion in a VFD is ripple on the DC after the rectifier. You need considerably more capacitance on the DC bus to smooth it out or you will toast the transistors in short order. So that is why the "rule of thumb" is actually 2X the HP size. In your case, a 3HP VFD should be fine for a 1HP motor, even 1.5HP, but no larger. That is, IF your VFD will allow you to apply 1 phase power.
As to the voltage doubler issue;
Yes, you have likely seen many VFDs for 230V motors that can accept 120V input, and you are correct that they use a Voltage Doubler on the front end. But that does not easily translate to 480V applications. For a 240V motor and drive, the voltage doubler has to boost the 170VDC from the 120VAC rectifier to 340VDC; not too much of a problem for components. But for a 440V motor, the voltage into the VFD needs to be at least 622VDC and if you start with 240VAC input, it is almost 680VDC; problematic for the components and wiring you will need to build the doubler and very prone to catastrophic failure.
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