I actually still have a 50's vintage Rockwell drill press with a two speed gearbox. Haven't used it in years but in looking at getting a VFD so I can run it with the 5hp 3 phase motor.
Just get another 5-7hp 3 phase motor and make a RPC, rotary phase converter. They can either be easy and crude or a little harder and more sophisticated. Great option if you can get the motor cheap. I have two, and while I was waiting on parts to make them auto-start, I just used a rope on the shaft to start them. Ping me if you are interested. Lots of DIY designs out there. Reason I suggest RPC is that 220V single-phase input VFDs that can handle 5hp are generally not inexpensive.
