Joshiah,
I have two TB Woods 'E-trac' inverters, one on the Bridgeport and one on the lathe. The drill press has a nice new little Hitachi on it.
All these units take your 240 single phase and create a third phase for a for a nearly true three phase output.
The lathe you bought is pretty darn specific, and in all honesty, not a all around lathe for a first time metal worker.
It is worth lots more than you paid for it...you got a great deal! You could easily resell it and make enough to purchase a brand new import lathe.
If your shop space is limited, a single machine with more functionality would be a better choice. The import lathes won't have the tolarences the Hardinge has, but they are more than adequate for even a finicky home shop machinist.
You didn't ask for my thoughts, but I get excited because I have been down this road before. Your friend will probably steer you in the best direction...grizzled usually goes hand in hand with wise. Have fun.
Stuart
