I have a little Mitsubishi 220Ø1 to 220Ø3 converter and it's great, there are to many benefits to list, but extra torque, soft start/stop, E-brake, and the ability to double the rated spindle speed are just a few!
I was lucky that my motor is dual voltage so happy running on 220v 3 phase with minimal rewiring and as the 220v units dont house a step up transformer it was cheap at just over £100 on flea bay 2nd hand with control panel and manual
Depending which way you go, this website was an interesting read for me as I was initially pointing myself towards a home made rotary phase, which would have allowed me to run multiple 3 phase devices – specifially all the anciliary motors on the bridgeport which would have been beneficial but is easily worked around **LINK**
– I would have set this aside some where out of the way and used it to supply a 415v Ø3 board and ring