I wouldn't worry too much about the phase difference. All that will do is make the motor run a bit faster. Same as putting a variable-frequency drive on a 60Hz 3-ph motor and dialing it up a bit. That little bit of extra speed should be well within the tolerance of the motor. If you're really concerned a VFD could give you 50Hz. 550v is what would worry me. The phase converters usually only change the phase of the power, you've got to start with the proper voltage. I don't know of any VFD's that work on 550v, and I would think it would be pretty costly to convert your 240 1ph to 3ph with a rotary converter and then step it up with a transformer. Probably much cheaper and easier to do a motor swap, as has been suggested.
If you expect to have several machines in your shop running 3ph the best idea is probably a large-ish (5+ hp) rotary phase converter and wire a 3ph leg to a few drops from that. If you're only going to have a machine or two running 3ph I'd use VFD's for each machine. I've got a VFD on my mill and another one on my lathe and they're cost effective, simple, and afford you the luxury of variable speed on older machines as well.