There are 2 questions here.
1) Can a VFD be used to power a 3 phase motor from a single phase supply? The answer is in general yes, as long as things are sized appropriately.
2) Can a VFD be used to power multiple _separately controlled_ motors? This answer is in general _no_. In particular you probably don't want to have any sort of contactors sitting between the VFD and the motors, and you don't want to have the VFD running at fixed frequency and then start the motors 'across the line' on the VFD output. A VFD type device could be designed to function in this fashion, but a standard VFD won't be happy.
You will be much better off with two small VFDs, one for each motor, acting to convert single phase to three phase and then control the motors.
-Jon
I agree 100%, especially in the issue of never tuning on a contactor feeding another motor if a drive is already running. You will damage the transistors.
An additional comment on sizing though.
At 230V, many VFDs are already designed to allow a single phase input without de-rating up to and including 3HP. Some mfrs offer two versions, one for 3 phase input, one for single phase, but some don't bother, they just offer one version useable either way. Check that out first.
But if it is over 3HP or any HP at 480V, you must at least DOUBLE the current rating of the drive compared to the motor FLC. Yes, the 1.732x sizing factor applies to the current rating and will cover the diode capacity of the rectifier, but you also need additional DC bus capacity to smooth out the additional DC bus ripple that results from rectifying single phase. Without it, you will eventually damage the transistors because they can misfire from the ripple. Using only a 1.732x sizing factor does not provide enough capacitance, 2x is the minimum. Then on many newer smaller drives it is even more, a 65% de-rate (2.85x sizing factor) because the capacitors can over heat. The alternative is to use the 2x sizing, but de-rate the ambient temp to 25C (77F), which is difficult to achieve. Bottom line, RTFM or ask the manufacturer of the drive.