I recently completed a 3-phase conversion to my Chester Eagle 30 mill.
I bought a drop in motor rated at 1.1kw ( basically the same rating as the single phase motor) from an Ebay seller for around the £110 mark and a suitable vfd from another seller for less than £80…
Add together the cost of some wiring and switches the whole conversion was done for less than £225…
Without knowing what motor size you have on your mill, I cant advise…
Cheers
John