I bought the motor and caps from a surplus place for 35-bucks. New bearings cost $20 and I machined the shaft off at the case end while I had it in pieces. A couple of boxes to house the caps and I have solid reliable three phase. I use a remote push button for start and stop before starting the three-phase motor I need to drive.
It took a little trial an error to balance the phases by adjusting cap-values but they are now all within 5v. There are many circuits and instructions available online. There is also non-motor-based phase converter boxes available for under $100, but I burnt up three of them before I finally built this motor-based one and have never had a problem since then.
I am not sure running just two of the three phases is a wise idea and I am sure HP would suffer.