Advise Needed on Converting Bridgeport Mill to 220 single phase

My son has just purchased an old belt drive Bridgeport Mill with 575V 3 phase motor. We only have 220 single phase in our hobby shop and I have
been told by a local rewinding shop that they can rewire the motor to run on 220V single phase for probably no more than $700.00 CDN. Another option would be to remove the original motor, sell it and adapt a new 220V single phase 1HP or 1 1/2HP reversing vertical mount motor to the machine.
I have been told by a local electrician that my only other option would be to buy a 220V to 557V phase converter then a step up transformer but I'm pretty sure that would cost a lot more than we have to spend.
My questions are, has anyone on this newsgroup converted a belt driven Bridgeport to 220V single phase? If so I would appreciate all the info I can get before we take delivery of this machine. I am also curious to know if the 3 phase motor on the machine is in much demand and what a fair price would be if I decide to sell it.
You can respond to me on this newsgroup or E-mail me at jimbo snipped-for-privacy@yahoo.ca
Thanks in advance
Jimbo
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I had the same problem with my lathe. I ended up with the converter - cost me 200 - but it means that I didn't touch any of the wiring.
Works beautifuly
Jimbo wrote:

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