1) Go get them. Free, with tooling? If you don't get them and you do get involved in this with other machines, you'll soon realize what you passed up. Seriously, run, do not walk ...
2) The 10EE can be a challenge to fix up the electronics, especially in the MG section (from someone with degrees in electrical engineering). The schematic
@mksj shows is from a 60's era, matches my 1964, not applicable to a motor generator machine. Switching it out with a 7.5/10 HP 3 phase motor, and an oversized VFD so it can run on single phase, is likely the best option
if there are any challenges with that part of the drive. Don't mess with it if it works. That is probably a $2-3k endeavor. Sometimes the MG machines just need new brushes and a little TLC so it is possible to make it work as is. Regardless, top of the line equipment, you won't get a machine in the same ballpark for twice that.
A Motor-generator 10EE requires 3 phase to run. Since 3 phase is not readily available in residential power, typically a rotary phase converter is used to power these. In short a rotary phase converter (RPC) uses a 3 phase motor as self-contained 3 phase generator. It requires a 3 phase motor to be used as an "idler", typically of twice the horse power that you're trying to run, and some peripheral electronics (switches, contactors and capacitors). The main advantage of an RPC is it can power more than one machine, although possibly not at the same time. This would allow you to run the Bridgeport and the Monarch from the same RPC.
A variable frequency drive (VFD) is a motor sophisticated piece of electronics that includes a microcontroller/computer, and generates 3 phase power through a frequency range. An appropriate VFD can generate that 3 phase power using residential single phase power input. Normally 3 phase motors turn at a speed dictated by the frequency of the power line (60Hz in the U.S.) and by their internal construction. So the motors turn at one speed. A VFD allows a 3 phase motor to be run at a speed range from about 1/3 the speed to 2x the speed. That range depends on the motor, and may be greater. The VFD senses what is going on with the motor, and has to be wired directly to the motor with some controls attached to the VFD, so a VFD generally only works with one motor. You'd need a VFD for each piece of equipment. But it gives you some improved options on selecting speed.