I assume you're buying one instead of building a RPC, since some people like building rotary phase converters out of old motors and parts, but that's an interest I don't have.
Rotary phase converters usually make more sense for larger amounts of HP, but a grinder if the grinder is 1 hp I don't think I would go the RPC route. I seem to recall the rule of thumb was 3 hp and over was cheaper RPC, and under 3 was VFD.
There are rotary phase converters and static phase converters. Statics have a bad reputation for putting lots of stress on motors and burning them out, and they can only put out 2/3 the rated power of what you're running since they aren't using all the phases. However you will have people saying that they've had no problems running statics for years.
Rotary phase converters are usually looked upon as a more proper way of doing conversion than statics.
Some people buy larger phase converters and then run several machines off one RPC.
A variable frequency drive in the 1 hp size is about $150 . VFDs are popular with people running mills and drills because of the variable speed control they allow. Several discussions on places like CNC zone or practical machinist on how to use them, and lots of youtube videos.
For a grinder, I'd use a VFD to get the speed control.
They can be found at factorymation and other places, ...gotta run.