Anytime you power a 3 phase motor with a single phase power source there will be a loss of efficiency and the output power of the motor will be reduced. Your options for converting power from single phase to three phase are as follows:
Static phase converter: These units are fairly inexpensive and are easily installed. With this unit you can expect to have only two-thirds the rated HP of the motor (i.e. a 3HP motor will now be effectively 2HP).
Rotary phase converter: These units are advertised to provide 100% of the motor's rating and torque. In reality, this isn't the case, but they do perform much better than the static converters. I don't have and exact loss, in other words this is a SWAG, but with a RPC you can expect between 90-95% of the motors rating. The drawback is these units are expensive. One can be built out of an old motor, but if you choose to do this, be sure to fully understand the implications of the project before deciding to do that. I just built one for a friend and the cost of it was about 30% less than buying a manufactured unit, and he already had the motor.
Inverter/VFD: This is my personal favorite. You get a lot of bang for the buck out of these units. I put one on my milling machine, and it has performed very well. You will get an infinite control of you motor's speed, and that can greatly enhance your abilities to get great finishes. It is also very nice for not having to change belts each time a speed change is required. The drawback is you do loose some off of the rating of the motor with these units. My SWAG here is you will get around 85-90% of the motor's rating. THere is also some time that will be needed to make the programming work in your application, and that can be tricky. It is doable, and there are plenty here that can help you with that.
Hopefully this will give you some food for thought. When I first was using my mill, I had a static converter on it. It worked, but since putting the VFD on, it has made it a totally different machine. The price of the VFD was a bit less that twice the price of the static converter, but it performs many times better than the SPC in my experience.
A word on building your own RTC if you choose to go that route... I would advise against it. The unit I just finished for my friend works very well, but for the amount of money it took to buy all of the required components along with time it took to put it together and basically tune it out really makes this option non-attractive. Had he needed to buy a motor for his project, he would have spent more than buying a premade unit!! I did not charge him for labor, but my time invested in the project was about 10 hours.