Interesting, not come across a digital phase converter before, but then I have three phase in the house.
As has been mentioned just seem to be a standard VFD with a voltage booster on the input. This is both a tribute to the amazing electrolytic capacitors now available, and a problem.
To step 220V up to 440V needs a capacitor, it is charged to peak volts on the negative half or the sine wave, and then lifted up to charge the output capacitor on the positive peak of the sine wave. This is identical to the dual voltage switch mode power supplies that have been around for years. The snag comes because the output capacitor is only charged once per cycle, so 50 times per second. And that charge is just a rapid dump of charge from the input capacitor to the output capacitor. If the VFD is running 5hp, then that is 3730W, divided by 0.9 pf divided by 0.9 efficiency giving 4600W. So this 4600W for one cycle needs to be dumped in the output cap in about 5ms to run the motor for the 20ms cycle. Simply put if the motor takes 10A then this current is 40A.
Certainly works the caps hard.
You can emulate this with a standard 400V 3ph VFD, the few I have seen all have terminals on the back to add in extra smoothing caps. Just make your own voltage doubler and attach the output cap to these terminals. It is seriously lethal, so perhaps not.
An induction motor will take an 8x overload to start. Don't forget that all that is limiting the current is the synchronous impedance of the motor. This is why a 5kW generator won't start a 3hp compressor. To some extent it is relying on the inertia of the rotor to keep turning to get the voltage regulator to crank up the excitation current.
If the rotary converter is noisy then switch the motor off as soon as the lathe is running, not then needed provided you check that there is enough running capacitance to keep the phases reasonably at 120 degrees.