A few things that you might consider. There is no difference in electricity costs if you use 230 vs step up to 460VAC, the efficiency of transformers is on the order of 90-95%. The machine has a 4Hp motor which is more than adequate, most of us get by with 1-3Hp machines with no issues. A 5Hp would be overkill, let alone the added weight, and then there is the fitment and the cost. If you are looking at a replacement motor, heaters, fuses and maybe someone to check it when you are done, it will get pricey. Not saying it isn't the correct route, but if one is not familiar/comfortable with converting to the low voltage setup, I would recommend a 230 to 460VAC 3 phase transformer.
If you want to pursue the 230VAC conversion, I would first bring the motor to a motor shop and see what would be involved in converting to 230V. Most of the control systems/drives, run off of 120VAC secondary, so in these cases the fusing if on the output side would not be changed. The transformers have taps and would need different jumpers for 230V operation. Since this is an integrated machine with a number of control systems and drives, there is a little more to think about in switching voltages. I would price out the options, a 3 phase step up transformer in the 5-7.5KVA range in the used market would be around 300-$500, shipping could also be costly. You also have the cost of an RPC. So I would think the first step is having the motor looked at.