Prove $S^{-1}\mathbb{Z_6}\simeq \mathbb{Z}_3$ when $S=\{\overline{1},\overline{2},\overline{4}\}$.
Note: $S^{-1}\mathbb{Z_6}= \frac{S\times \mathbb{Z}_6}{\sim }$ where $(x,y)\sim (u,v) \iff \exists t\in S : t(xv-uy)=0.$
Proving the existence of a homomorphism from $\phi:S^{-1}\mathbb{Z}_6\to \mathbb{Z_3}$ is possible since there are homomorphisms $h:\mathbb{Z}_6\to \mathbb{Z_3}$ and the existence of $\phi$ follows from the universal property for the ring of fractions.
In order to prove the existence of an isomorphism, I would look to the possible homomorphisms and see which of those defines a biyeccion. The possible homomorphisms are given once $h(1)$ is defined, here for $h_1(1)=0, h_2(1)=1, h_3(1)=2$ I have
$$h_1([x])=0\\h_2([x])=[x]\mod 3\\ h_3([x])=[2x] \mod 3$$
It seems that $h_2$ may help to define the isomorphism.
I have to find $\psi:S^{-1}\mathbb{Z}_6 \to \mathbb{Z_6}$ in order to make $\psi\circ h_2$ is an isomorphism. How can I define $\psi$?, it would be correct define $\psi (\frac{x}{a})=x$ where $a:\overline{1},\overline{2},\overline{4}$?
I'm not sure how to fill the details to prove $\psi$ would define an isomorphism.
If you know how to define a homomorphism $\phi:S^{-1}\mathbb{Z}_6\to \mathbb{Z_3}$, why don't check that this is bijective?
In fact, $\phi(\bar x/\bar a)=[x][a]^{-1}$. This is clearly surjective. From $\phi(\bar x/\bar a)=[0]$ you get $[x]=[0]$, that is, $3\mid x$. This means that $\bar x=\bar 0$ or $\bar 3$ (in $\mathbb Z_6$). In the first case it's clear that $\bar x/\bar a=\bar 0/\bar 1$; in the second case you also have $\bar x/\bar a=\bar 0/\bar 1$ (since $\bar 2\cdot\bar 3=\bar 0$ and $\bar 2\in S$), so $\phi$ is injective.
Edit. Your try has no chance at least for the following reason:
Let $\psi:S^{-1}\mathbb Z_6\to \mathbb Z_6$ be a (unitary) ring homomorphism. Then $\psi(\bar 1/\bar 1)=\bar 1$. Say $\psi(\bar 1/\bar 2)=\bar a$. Then $\bar 1=\psi(\bar 1/\bar 1)=\psi(\bar 1/\bar 2+\bar 1/\bar 2)=2\bar a$. But there is no $\bar a\in\mathbb Z_6$ such that $2\bar a=\bar 1$.