Who has a Milling Machine and Lathe at home?

I have a little SB 9" and a Jet mill-drill. I would never claim to be a machinist.

so far as 3 phase, you cannot always replace 3 phase motors, as some mills, etc have dedicated specialized motors that you simply cannot "belt replace" so to speak. Your only real choice is to

1....Make a custom mount to replace a specialized motor

2....Use some sort of phase converter

3....Use an expensive VFD. "Name your poison."

A simple motorized phase converter DOES work, they are not that expensive "used" if you have th eroom.