Yes Steven, a phase converter Is sized by motor horse power.
Example, if the motor on your brake press is 10 HP, you need a 10 Hp phase converter.
You can use a phase converter.
For availing 3 phase supply for industrial purpose ,there are certain requirements as per supply rules.
This site has some info about how to make an electricity generator , maybe it can help you.
hope it helps
The other choice is to change the motor. Might be as cheap and less trouble in the long run.
Check with a licensed electrician. Local codes (and insurance companies) may prevent you from having 3 phase electricity in your home from the power company. Three phase power can provide 110, 220 and 440 Volts using 1, 2 or 3 phases, respectively. Most homes have 2 phase power (220 volts) for electric stoves and clothes dryers, etc. A higher voltage (440 volts) is increasingly dangerous and usually reserved for large motors and heating equipment in industry and manufacture. You may also have to check with zoning boards to have heavy duty electrical equipment (generators) in your home. Of course there may be 3 phase generators with much lower voltages for lab projects, etc. but you mentioned the power company.