I'm still waiting to hear back about a semi local Baldor motor for $150. 2hp 3ph 230v 1800rpm, with a 7/8" shaft (original is 7/8, not 3/4 like I guessed initially) Should be a pretty easy direct replacement. I doubt I could get someone to rewind the original for less than that, but It's a valid option. I'd still have to buy another suitable VFD, but could use my mill one for now. I need to buy one shortly for my belt grinder, so might as well buy 2...
Slightly a bit more money than what I'd need to spend to finish the Phase converter. But the quicker easier option. I already have the 5hp idler, transformer, cabinet, a few maybe suitable caps, and a 3ph contactor, but need a few more odds and ends, like switches, caps etc, and the time to finish it. I could probably "finish it" with a solid weekends worth of work, and another $100-150 at retail prices. Cheaper if I scrounge like I have been so far. Maybe over the Christmas break.....
The ease of operation of a VFD can't be understated though. In the long run I think it's the better move for all my equipment. Even if I'm slightly out of pocket a bit more initially.
If the deal for this motor falls through, I'll probably just carry on the same path I was on and finish my phase converter to power it and future additions. I'm in no great hurry to get this moving. Pretty much only dug into it yesterday to see if I needed to buy 2 VFD's or not, and got surprised by the lack of nameplate.