Craig, I have run my 3 phase 1.5 HP Bridgeport for probably 10 years now using just a simple static phase converter. I have never had a problem..... that said, I do not do much heavy cutting. I cant remember what brand I bought, but it was well under $100 back then. I believe I have one rated for 1-3 hp. I mounted it to the wall behind my mill and ran power to it from my shops single phase 220 with 10ga Romex that I had laying around. A quick Ebay search turned this one up which is probably similar to mine.
 HD 1 - 3 HP Static Phase Converter Mill Drill Saw MADE IN USA Single to three | eBay
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