I used to use my big lathe as a phase converter for the rest of the shop. It had a 10HP motor and I added start and run caps, so it would self start. I never needed the full power on that lathe, so I could still use it. Most of the time it would just be shifted into neutral to let the motor provide power for some of the other shop equipment. Worked great for a number of years. Don't have it anymore, and now I use a VFD on my mill. They make good 3 phase equipment into great. Variable speed, braking, lots of extra features out of a plain old 3 phase motor.
Long arc, short arc, heliarc and in-the-dark!