230 Single Phase , or 230 Three Phase ?????

greetings,


I am currently retrofitting a boss 5 bridgeport and have a question
about spindle motors. The current motor is a 230 volt, three phase,
2 h.p. motor that will require either a rotary phase converter or a
variable frequency drive in order to operate on my single phase
garage supply. I was wondering what the differences would be if
I replaced the three phase motor with a 2 h.p. single phase motor.
What are the pros and cons?

Jeff