That gumbi is a nice find. That quality of machine will outlast you and me both.
As far as the chuck goes, if that's a Jacobs 33 chuck you can press the outer
sleeve off and access the jaws to do a good cleaning light grease them and it
will work like new. Lots of youtube videos online explaining the process.
CAUTION: just make sure the jaws are closed before pressing the sleeve
off or you will ruin the gear teeth, ask me how I know that!
Before I would invest in a phase converter, I would look for a single phase
120v motor, that would be much more convenient.
dg