I have the ECONOMY mill which is similar.
The 240volt single phase motor runs at 1440 RPM. If your 3 phase motor uses the same pulleys as mine, then the path of the belt would be between motor and spindle on one side and motor/intermediatepulley and spindle on the other so as to miss the round column when the head is lowered. (unless you retain the 2 belt system. HOWEVER if using a single belt and existing pulleys, you would get a much reduced top speed.
You would need to replace the motor pulley with a pulley slightly greater than the spindle pulley.
To clear the head chassis etc, you would need a 6.5″ pulley on the motor driving the 6″ spindle pulley to achieve 1570 spindle revs (assuming the 3 phase motor had a top speed of 1440RPM) and with those pulley sizes, you could use a single belt as it would clear the column when the head was lowered.
Have a look on this site as to how I overcame your problem.
Bob
If you could get a 3000RPM 3 phase motor, then all sorts of things change but bear in mind the path of the belts before committing to purchase.
Bob