Unless the motor is over 7.5 hp your going to be better off swapping in a single phase motor for the 3 phase motor. You will probably never find some one to trade you a single phase motor for a 3 phase one esp. in the 5-7.5 hp range as the single phase motors are way more $$$ than the 3 phase stuff. IF I needed a 5hp 3phase used motor I would pay at most 50 for it. A good used single phase compressor duty 5hp motor is worth 2-4 times that. Now if your at the 10hp level, the swap to a single phase motor VS a VFD drive is about a wash. A VFD that will run a hard starting application like a compressor @ 10hp on single phase will be 800-1000, and the motor will be about $800+ new. How big of a compressor motor are we talking about??
William....