Phase converter for CNC lathe

I posted a question about using a home-made phase converter (3 phase
idler motor) to run a CNC turning center. I don't think I got a yes
or no answer and the post turning into talk about VFD's on
converters. I am closer to getting the turning center and need to
know if I can use a $500 home made converter or if I am going to have
to invest $3500 in a factory unit. The turning center is 1988
vintage and has a 12 hp spindle motor.

Thanks

Scott Hamilton