I have a friend with a machine shop who for many years used a homemade rotary phase convertor made from a 50 Hp motor. He recently bought a CNC machining center and decided he needed better power for it so he also purchased an electronic phase convertor. It wasn't cheap, but to my eyes appears to be very rugged and has performed beautifully for him. The three legs remain nicely balanced even under a wide range of loads. He is particularly happy with how much more power his "big" lathe (30 Hp) has now. He is also happy not to listen to the constant humming of that old 50 Hp motor.
This device monitors the incoming single phase power and generates a third leg at the proper phase angle and voltage. You can run multiple machines from it at the same time. In fact, my friend took the output from the phase convertor to a 3-phase breaker panel and uses that to distribute power to all the machines in his shop (about 8 in all).
Here is the link to the manufacturer's web site:
http://www.phaseperfect.com/(Please note, I have no connections with this company, financial or otherwise etc. etc.)
Best regards,
Andy Hall