Chuck
I have made some measurements on my dyno with various sized idlers feeding tool motors. My data shows that the idler who's HP size is about equal to the tool motor size will provide very little improvement over *no* idler. They will bioth produce chatter at high load. If a person wants to run a 3 phase surface grinder thru an idler from single phase, he has choosen a difficult task because the grinder it extra sensitive to the torque chatter. An idler for runing a 3 phase surface grinder from single phase should probably be several times the grinder motor's HP and tuned for max smoothness at the load expected.
I couldnt finish my experiment with motor heating due to load on the tool motor. I ran out of interest. But, my preliminary data showed that the 3 phase tool motor gets warm rather slowly even at near max HP when supplied single phase. The unfed winding supplies some heat sink. And, a home/hobby/money saver guy could easily provide a little extra fan to cool the motor.
I have no clear cut favorites when choosing how to use 3 phase motors when only single phase is available. VFDs can be a little more expensive, and do put some RFI in the shop.
Jerry