I have to look at this as 2 seperate issues:
1: using inexpensive 3ph motors at home
2: variable speed.
For #2....variable speed with a 3ph motor you'll need a VFD. Either powered by single phase input or 3ph input. These little jewels are fantastic!
For using 3 ph motors at home.....STAY AWAY from the "static phase convertors" particularly phase-a-matic. For a single machine without thoughts of running anything else...I would use a VFD dedicated to the machine. VFD's make very clean 3ph power and have tremendous performance. Even if you don't need variable speed..they also provide motor protection and many other cool features such as reversing, ramped acceleration, dynamic braking..etc. Just use it as a 3ph convertor.
Now if you want to run several machines on 3 ph, then build a rotary ph convertor. I've built 2 of them....the first was 3hp, the outgrew it for a 10hp job. Place the idler motor outside under a cover so it doesn't drive you crazy with noise all day. They are not loud but after being in the same room with it for 8hrs, you'll appreciate the quite. They don't make perfect 3ph power...but plenty good enough and they get better with more motors running on-line. However, with the 3ph bus, you'll need to address starters/switches and overload protection for each machine. The most economical for me was to use a 3-pole fusible dissconnect box, (blade style) fused with dual element fuses for motors. This provided short circuit protection as well as thermal overload. These ran about $30 ea from the industrial electrical supplier.
I used this set-up for several years and was very happy. When I got my first CNC machine, I had to have a local motor shop come out to tune my rotary convertor to balance the 3 legs better. He played around with the capicitor sizes until the three legs were balanced enough for the CNC.
OK, with all of this in mind....if you set-up a common 3ph rotary convertor....then decide you want a variable speed machine.....you will still need to get a VFD. The VFD can run on your 3ph bus...or you can get one to plug in your std single phase outlet. So this is why it might make more sense to just use a VFD for each machine ...variable speed or not.
I'm not sure if this made any sense...?
Sincerely,
Rob