Static converters are inexpensive, and every says you don't get full power from them, but with probably 2hp, the original poster will have more power than he ever had, and plenty enogh to tear something up. Not trying to start a phase converter war, just mentioning that my 2hp Bridgeport has been preforming flawlessly since I bought it in mid 90's, and before that with the original owner on the same static converter. Not a bad investment for $69.
As far as the mill price, it probably was a good deal, but I recently bought a Maho 600C mill, which is a universal CNC machine. I was bidding against another previous employee who got the other one, which had a lot more hours/wear on it. Price was less than $500 also, but I didn't get a Kurt vice with it. Not going to be able to run it off a static converter, lol.
David from jax