Rick,
I have a 14" X 60" Hercules lathe, 5 H.P. 3 phase, that I will sell in January for about 1000 dollars. There is a lot of tooling and extras that go with it. It also has the experience of building more than 500 cannons and mortars large and small. I have turned 8" diameter on it already.
I am not an electrician but here's my research and explanation for an very inexpensive phase convertor. A 220 volt, three phase motor has 3 hot wires and a ground for hook-up. A 220 volt, single phase motor has 2 hot wires and a ground. For a phase convertor, any three phase motor will run on single phase power by connecting the two hot leads and the ground from the single phase power source. On single phase power, it will run at 2/3 the horsepower. The problem is the start up. You have to manually rotate it to start it. With a lathe this is difficult because of the resistance of the rotating mass. A static convertor is basically a bank of capacitors that adds the start cycle to the three phase motor. Static convertors are ok for light duty start ups but will not start heavy duty lathes. A rotary phase convertor is basically an "idler" motor of 2/3 more hp, with the bank of capacitors for its own [idler motor] startup,
and it is used to add the 3rd phase to the lathe motor. Now, you can start any 3 phase motor on single phase power by manually rotating the shaft. A friend of mine simply kicks the pulley to get his started. You could also make a rope start or drill start set-up. To run the above lathe on single phase 220 volts, you take a 7.5 hp 3 phase motor ["idler motor"] and hook your 2 hot 220 volt leads to 2 of the 3 hot leads on the 3 phase 7.5 hp "idler"motor, then run 3 hot leads from the hot terminals on to the 3 hot terminals on the lathe motor. Run the ground wire to both motors and also install a disconnect switch before the idler motor. This 7.5 hp motor will add the "5 hp" balanced 3rd phase to the lathe motor. [
Remember, the 7.5 hp idler motor is running at 5 hp or 2/3rds the power on single phase.] If the lathe motor is running backwards, just switch any of the 2 hot leads and this will reverse the rotation. If you have no experience with electrical hookups and are uncertain of this procedure, it's best to have a qualified electrician make this type connection. Also, I have a source for three phase motors, A used 7.5 hp is 100 dollars and new one, 160 dollars [last time I checked]. Here's a diagram of the connection. Dom