Well, not much has been done since I had to deal with motor issues. I went back and forth a couple of times. After rewiring the motor and contactor for 220V operation something went pop in the motor after hours of operation (spindle burn-in).
My original conclusion was that I messed-up the wiring. Still, I took the motor off the machine, took it apart and inspected it. I rewired carefully, double checking everything.
Well, it turns out I didn't screw it up. The motor let out the smoke that makes all electronic things work within 20 minutes of no-load operation on the bench (not even a pulley on it).
So, that's that.
Now the eBay gods seem to have granted me a path. I just bought a 3HP, 3 phase, 1750 RPM motor. The (reputable) seller assures me it is in great condition and will absolutely take it back for any reason whatsoever (always a good sign).
I also purchased a Hitachi WJ200-022SF variable frequency drive. I bought it brand new. Didn't feel like gambling with a used unit and it sure seemed that there were no deals on this unit on eBay at this time.
Everything should be here by the weekend. It all goes well I'll have the machine spinning again by Sunday.
I do have to ream the pulley from ~22 mm (0.866 in) to 0.875 in. Need to find a cheap reamer. I just don't have one of that size. I was thinking of the manual adjustable set Harbor Freight sells. Any good? I could buy a single chuckable reamer as an alternative. Don't have a indexable boring head, that's one of my next purchases.
-Martin