Normally I find tryppyr to be pretty much on the money but not necessarily this time. I did a little investigating (okay okay I was curious, nosy even) and if this is the machine you're talking about:
http://www.semiww.org/viewtopic.php?f=4&t=13499
At $400 its'a pretty good deal (actually a helluva good deal) for that much cast iron. You can use the 1 hp 3 phase to start with (once you get a suitable VFD if you don't buy his, that is) and with a bit of work shorten the shaft on it and run just about any size belt you want. So for a few hundos more you can have a 2-3hp 3 phase with a good VFD that will hod metal off. Belts shouldn't be a problem.
The downside to this one (you knew there was a catch right?) is that finding, and fitting. accessories could be very tricky, so things like hollow grinding, or a small wheel setup might be beyond your skill and wallet to set up. Moving it will take a couple of strong men too I bet.
Good luck with this one.................
Corey "synthesist" Gimbel