Old thread but here's my $.02
The VFD's are the way to go. Not only can they convert 220 single phase to 230 three phase but they can be programmed as a brake, reversible and to control speeds.
I have a TECO 7300CV on my 2hp Bridgeport and love it. I paid around $150.
I've enjoyed the thread, you're a real craftsman.
I've brought back from the dead a 18" C Monarch lathe (1947 model) and a J head Bridgeport. Not quite to the level of your saw.
I'm in the market for a Doall vertical bandsaw. "Googling" for one brought me to this thread.
Keep it up, have you...