I have used all three at one time or another so my 2 cents are...
a static phase is a nice quick and easy set up. If you want to start throwing oil and chips, a static phase can be set up in 10 minutes.
yes you will get less power, and i agree the make the motor sound "funny", and mine was running hot after 10 minutes or so of use (which doesnt make sense to me, usiong only 2 wirings instead of all three at one time.) they are also cheap, a 1 1/2 hp converter for $60 on ebay.
a vfd is also a nice step up. you have to do your homework but you can find a VFD that willl convert single phase to 3 phase on ebay for 100 or so. But you need to look at the tag and make sure it is for 220V and that it will convert single phase to 3 phase, and is rated for your motor (it is usually in kW). If your VFD is three phase in and three phase out, you can (on some models) put single phase in and get 3 phase out, but you need to derate it by 50%. I used a VFD for 3 machines, putting a pigtail on the VFD and plugged the machine in i needed. This worked well for me. since i can only use one machine at a time, it was i nice solution. The motor was much smoother, and much much more power. and you can vary the speed of the motor/cut. I still use it on a small horizontal, and being able to tune the speed is nice.
A rotory phase converter is nice if as before you have several machines that have feed stops (mill or shaper) or can run on their own (CNC). It can run 3 phase power to all, and can be tuned using caps to make nice clean balanced three phase. you can buy one (i didnt) or make one for silly cheap (150 or so), and plans are everywhere on the internetz.
SO if its for kicks get a static, if it is just a 1 or 2 machines, get a VFD, if you plan on throwing your cars to the weather and filling your garage with van norman 16, KT 3ck, 2 bridgeports, and a 20" G&E, make a nice 30 hp converter)