Any electricians, electrical engineers or electrical hobbyist out there have a economical way to run a 3 phase motor in a single phase shop? What about this phase converter?
http://www.machinetools4sale.com/shop/item.asp?itemid=1028
I can help you with this, but the first thing to do is post a clear picture of the motor's information tag that tells us the volts, watts, etc. Or just carefully copy all of the info into a post. Second, if you can, post a picture of the plug that is currently wired to the buffer. It will help us to determine whether it is currently wired for high or low voltage (only sure way to tell is to take off the plate and look at the wiring, but one can often get an idea from the plug)
The static phase converter you posted will work when sized properly, assuming your buffer can be wired for low (208/220/230/240V) voltage 3phase. You will need to run it on a single phase 220v outlet (washer/dryer outlets are often set up for this). HOWEVER, static phase converters are far from ideal for several reasons. VFD's like the TECO FM50 like another member posted have gotten so cheap that they are often a much better solution. In small power (i.e. 1hp and below) applications, they can even handle the 'step up' so that you can run the 220v 3phase motor on household single phase 120v power, assuming an appropriately sized (usually 20a) household outlet.
VFD's will also give you variable speed, soft start, and electronic braking. You want variable speed in a buffer...so this is the way to go. They can often be had on Ebay for well under $100. Just keep them far away from metal dust if they are not NEMA 4X rated (the TECO is not unless you special order it... many members like the KB Electronics KBAC 24, which is, so you can put it in the middle of chips/coolant... but more $$).
First step, though, is to post the motor's info tag. For example, many buffers are high (440v) 3phase only, which makes things much more complicated.
