What sort of machinery are you looking to run?
True 3 phase from the power company is just not a possibility unless the power company already has it on the pole in front of your place. If it is there probably not wise just to run a hobby shop. I have talked with people in this situation and you are charged for the other two meters that are required on local REC. If you are running something on a daily basis (livestock equipment/manufacturing) it paints a different picture.
If you are occasionally running some machine tools for hobby use I will relate what I have done. If possible repower with single phase motor. In my case I have two drill presses I have done this to. When I did these I also put in a Jackshaft to further reduce the speed.
Now on to phase convertors for powering machines that it isnt' realistic to repower. In my case the first was a Lathe with a two speed motor. I suffered with a static phase convertor. Didn't work well as static convertors are sized to the motor. Worked well on the high speed side but the slow speed was also half the horsepower and the thing would just sit there and thump. when I got a Mill I realized something better was needed. Made a stab at making my own rotary and then went shopping on ebay. The one I found on ebay was so reasonable I quit messing around and just went with that.
220 volt three phase motors will run on 220 single phase current just at a reduced power. Problem is they won't start on their own. Static convertor gives a delayed wave to the third leg to get the motor spinning then cuts out and the motor runs on two of it's three windings. If you're largest load can run continuously when all the other machines are used you can get a static sized to that motor and it will generate the third leg for the rest of the machines. Rotary phase convertors work on this principle. They are a three phase motor with a static convertor and a bit more circuitry to stabilize the waves.