Those static converters lose 1/3 of the hp, not sure if thats a concern for you. I also heard they aren't good for the motors but maybe thats myth. I have multiple machines running on a rotary phase converter. The more machines you have running the smoother they all are. I bought just the panel and had a motor laying around so mine was quite economical.
Another great solution for smaller hp motors like yours is a vfd. I have a teco fm50 on my 1 hp powermatic drill press. Converts single to three phase and has a digital speed control, brake, soft start all for $100. Great solution for a single machine that you want speed control on
We're not out here to rough it. We're here to smooth it. Things are rough enough in town.