RotoPhase, the maker of my RPC recommends 1 1/3 times the size of the largest motor to be started off of it. This, however doesn't account for the rotating mass of lathes, which requires a larger RPC. 2X is always considered safe, but for lightly loaded motors 1X is fine. the 1.33 recommendation is just a rule of thumb.
I start my 7.5 HP lathe on a 15HP RotoPhase, but American Rotary recommends a 10HP for the same purpose. So nothing is cut and dried. There are ways to start a heavily loaded motor even a 1X rotary phase converter, but that is out of the scope of a 'general discussion'.