Need some info on 3 phase electric

[skeet]

I know nothing about electricity..actually hate working with it. The question is..

I just bought an older but very nice Southbend Lathe..Got all the bells and whistles..but it had a 1/2 horse 220 3 phase motor . I do not have 3 phase power on the ranch .I know they make solid state phase converters but they only give you about 2/3s of rated power. I will not be using the lathe for extended periods..so the question is..will a phase converter be ok or should I change the motor out for a single phase??..Motor will cost approx 200..phase converter about 80 bucks..wish I understood electric. I now have 4 lathes The Southbend, have a small Craftsman 6x18 for turning small items and a nice little Unimat that is going down the road soon. Haven't used it in years. I also have a Craftsman(Atlas) Commercial 12 inch back east at a friends place. Think I will even sell the small Craftsman now that I have this Southbend. Anyway any help on that 3 phase stuff will be a big help