If you want to go cheap, for the purpose of testing you do not need the transformer. You can run that 440V motor on 240V. Motor shops routinely run motors at reduced voltage when testing them (generally it is much higher voltage and larger motors than what you are considering, but the concept is the same). Of course you still need the RPC.
You can't run a low voltage motor from a higher voltage source (i.e. a 240V motor on 440V would not be good). There is no problem running a 440V motor at 240V - however, you must not exceed the motor nameplate full load current. That 4HP motor will be totally gutless (perhaps less than 50%), but you'll still have more capability than most mini-mills. Of course you still have to sort out the requirements for the table drives (which you said were DC) - but at least you will know that the main motor is good.
You will have a control transformer and it will have multi taps, so you'll need to move the tap connection so that your control power (which is single phase anyway) is the correct voltage for the coils. I always use the "real" power (which I set up on L1 & L2, with L3 being the generated leg) on the control transformer - not sure if that matters.
Your other question is whether that 5HP RPC is going to be adequate? That is a good question. I also have a 5HP RPC and I have two machines with 5HP motors: an air compressor and a lathe. The air compressor runs with no problem. The lathe has a 2 speed motor (3/5 HP) will trip the RPC if on the higher speed settings or with a heavy chuck or several starts close together. It has a manual speed switch - I don't change it on the fly.
I also have a 3 phase transformer 240-600V on my little milling machine (6kVA). It also has a 2 speed motor, which is 2.2 kW on the high speed (about 3HP), it struggles to start on high speed (sometimes it goes, sometimes it trips the RPC). This little mill has separate contactors for each speed so I hit the low speed button, then the high speed button.
If you are getting that 5HP RPC at a fair price - go for it and get your machine going. If it does not work out, you won't have trouble selling it on a fair price (may be a small loss).
Let us know how it works out. David