Michael,
Do you have 240V in your garage?
If so, you can run your 3 PH motor on 1 PH with a motor "run" capacitor. I ran into the same problem when I won a Black & Decker #76HA,3/4HP, 8" (circa mid 1970s) pedestal grinder at an auction. When I realized that I didn't look close enough at my grinder before bidding, I checked out the motor with an OHM meter, and saw that all was fine. This grinder is the best one that I've come across, with the lighted shields, wheel guards, and tool rests. I decided to do some research on how to run a 3 PH motor with 1 PH power before trying to resell it.
Make sure that you use a RUN capacitor. A START capacitor will have a short life being used for running a motor. I came across a YouTube video on using a motor RUN capacitor to accomplish this:
I needed to find the right size RUN capacitor for my 3/4HP motor here:
http://www.electricneutron.com/electric-motor/single-phase-capacitor-sizing/
After I connected the capacitor to the motor, it ran great! In fact, the grinder is so "mechanically" smooth, it takes 5 min. & 23 sec. for the wheels to come to a complete stop.
Here's the downside and my opinions:
1. The motor will vibrate more when running. This is due to not having a "clean" 3 phase power supply to the motor. The vibration isn't that much.
2. Single phase power with the capacitor will be harder on the motor, thus a shorter life. As often as I use my grinder, it will still likely outlast me.
3. You loose up to a third of your motor horse power. This is because you have 1 motor winding being "fooled" by the capacitor. I can still make sparks just fine.
4. It takes longer for the motor to get up to full speed. Again, not all of the motor windings are getting pure voltage. It's not that long a wait.
For my uses, the up side is:
1. I have a large, vintage, heavy duty, complete, industrial pedestal grinder with all of the bells & whistles for 54$.
2. For another 15$ for the capacitor, electrical enclosure, and misc supplies, I have a grinder that I'm very happy with.
Sorry I was a little long winded. I don't have any recent grinder pictures. Below are some pictures before finishing it.