Almost forgot your question about the converter. Running a lathe with a single motor you can use a static type converter for that. It'll derate the motor HP by 1/3 but it will run a single motor with no problem. Just do a search for phase converters and you'll come up with numerous sites offering them at a relatively cheap price.
If you want to spend a bit more you can step up to a rotary converter. They allow full output HP of the motor being driven. Too you can run multiple motors on them of different HP's with no problem as long as the smallest motor meets the minimum HP reauirements and you don't overload them with more than the max combined HP when using more than one motor at a time. Even then, once the converter is started, every other motor you start actually acts as a converter itself, making even more maximum HP available. I've seen a site giving more info on that but can't remember exactly where I saw it.
Now as far as the rotary converters are concerned there is more than enough info online telling you exactly what's needed to build your own rotary converter. Given the low cost of surplus three phase motors and capacitors it's way more economical to build your own if your comfortable doing so. In my case the mill I got is too big to use with my current converter. I just found a brand new 10 HP, 3 phase, TECO Westinghouse, TEFC motor that a company had special ordered for a customer and then couldn't return when the customer changed their mind. I bought the thing for a song so now all I need are a few capacitors and I'm set.
Good luck with the bidding if you decide to go for the lathe. Let me know if you get it and I'll do the same if I get the saw. Maybe we can meet up and pick up both pieces on the same day and help each other out. My email is open.
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