Hi Jon,
I had the same problem when I purchased my Bridgeport mill, I read lots of things about inverters and static converters changing motors etc and how you need to switch in different capacitors when its under load etc, all of which I did not want to do.
I used to work at a company that made switchmode power supplies and I did not want any of the problems of switchmode electronics driving motors ( been there seen all that pops and bangs and smoke).
I purchased a Transwave Rotary converter and it gives the nearest thing to 3 phase output and it is very reliable its the 3HP version (2.2kw) and you can switch on any thing you desire suds pump power feed to X and Y table all of which is the original fitted Bridgeport equipment.
I then purchased a Colchester lathe 3Hp and then all I do is just plug that in to the Transwave Rotary and it works just as it should no rewiring just plug in and use as the makers intended.
I have seen people fit 1phase 240v motors into Colchester lathes but the machine is pretty much underpowered and worthless in my opinion.
If I were you I would look at getting a Transwave Rotary it uses a real motor to generate the 3rd phase and is a superb piece of kit not the cheapest solution but if you dont want digital converters on everything and worry if you have to switch the suds pump on after the main motor etc then go for the Rotary its the closest thing to having your own 3 phase generator running.
Digital converters are cheaper (but you will need one for every piece of equipment) but they use electronics to create a simulated waveform generated by an oscillator and then a power o/p stage and all this electronics can be upset by spikes on the line or just pop and blow a fuse leaving you to either send it back to the makers for repair(costly) or purchase a new one (costly) or opening it up in hope that you will find something that now looks like a black burnt mess on the pcb.
I also have a seig X2 minimill it has a DC switchmode power supply it went pop blew a fuse took out a potientiometer (speed control knob) and then had to put some new components into it not easy when the original part is no longer made and then you have to look up transistor equivilents etc.
so having worked in the electronics industry makes me more inclined to stay away from it for the purpose of powering up motors.
Well thats my thoughts hope it helps Jon
Regards
Richard..