A VFD is nice but it is only good for that one machine. you can build a cheap Rotary Phase Converter with any 3phase motor larger than the 1hp on your machine. I would use a 3hp/3ph motor and a start/run unit from either WNY Supply or Anderson. You hook up 220v single phase through a 40amp breaker for the single phase supply and come out of the unit three phase that you can hook up to your BP mill. To run all you have to do is switch the unit on and it starts the motor and it will single phase to produce true three phase power for your machine. The unit has the run capacitors in it to give the third leg full amperage.

It is an easy alternative plus you can hook other machines up to it and run them as well should you get a lathe or other machine needing three phase.