Yes, you can use a VFD to run the motor. There are models that use single phase input and 3 phase output.
Some are rated to do this, but I hear you can use a 3 phase input, and only use single phase in, but derate it 58%. Also consider, your mill is either a 1 1/2 or 2 HP. Odds are you will never use all that power, so a 2 HP unit will suit you well.
You will want to control the motor start/stop/reverse with the VFD, not the drum switch that's on it now. The drum switch will KILL a VFD!
The VFD's have gotten cheaper, and more available, as in Ebay, Craigs list, Etc. If you go new, look at Westinghouse Teco brand, good converts, good price.
That will be a much easier install than a rotary converter.
The power feed runs on 120v, or all I've ever seen do.