I'm in a residential area with a small but fairly well equipped machine shop for my own use, so no 3phase. I have a Enco lathe about the size of yours, a surface grinder and a Bridgeport, all with 3phase motors. Each one has a VFD to run the motors on single phase with no problems at all for many years now.I am in a fairly remote location, so the expense of adding three phase power is prohibitive. I was in the process of investigating phase converters when I thought about the stress test machine just sitting there on the other side of the shop.
You need to make the decision, is taking the time to make this "free" motor work worth the time away from making chips? 3phase motors are not very expensive, because in a home environment they aren't practical(to people that don't know how to make them work) and industry doesn't normally buy a used motor. So for around $100 for a VFD from Ebay, and maybe $25(or less) for a used 3phase motor from Craigslist and an hour of time you could be making chips.