Thank you all for taking the time to comment, whether it was constructive or not. To the handful who read what I am trying to do and, maybe more importantly, why I am not doing more, and provided relevant feedback I appreciate it as that is what I was looking for by starting this thread.
On the note of technical discussion, I do plan to install a sub-panel, off of which I will run one 240V circuit and two 120V circuits. I have no idea how the emt is still there, but I can run a fishing tape through so I think I will be good, and yes it is emt not rigid. Anyone have a suggestion for a GFI breaker that won't fight with my VFD? While I don't intend to tell the township what I am doing (they would lose it if they came in for inspection and saw the knob and tube), I do want to do everything right. I am a mechanical engineer, so the NEC is far from my wheelhouse, but this is not the first time I have used it, I just like to consult with others when I'm outside my comfort zone.
I do not intend to come off as arogant or angry that someone disagrees with what I am doing, but consider this. The large majority of replies (aside from a recent patter of discussion about analysis methods which I don't mind a bit) simply statedin some form: "I used ____ (insert big wire/amp size), you should too" or "that won't be enough, just bite the bullet and install a big service" I would absolutely love to do that, I am not trying to skimp by to be cheap or lazy. I am trying to make what I have work so that I can use what equipment I have now, rather than let it wait for years. When you are responding to these types of threads, keep in mind your audience may not be in the same place in life so, while personal experience and recommendations are great, maybe try not to come off acting as though what you have done is the only way, it can be a bit discouraging. Also, I live in the hills outside of Pittsburgh, if anyone who attests to how quick and easy a trench would be to dig wants to show me, I would love the help. Don't bother bringing a shovel, we will start with matocks and move to digging irons. The trench will come in time, but it won't be a weekend project.
This is the one statement kin the thread which I actually find quite offensive:
Perhaps I am in a small majority that folks these days don't understand, but I am trying to take care of my family and my responsibilities. When all that is done, I try and sneak out to the garage and pursue my personal passion. Unfortunately, that meanes digging a trench and installing a large service comes after buying diapers, paying for daycare, sending my wife occasional flowers, doing dishes, updating the house, saving for someone elses college, and sitting on the floor building lego towers for a toddler (who has no appreciation for their architectual beauty) to knock down shortly before running off in a vain effort to catch the infinitely quicker dog. So no, I am not "sitting around thinking about how little I am going to do" I am working damn hard and knowing that my hobby needs to come absolutey last on the priority list.