I suspect all those parts, even scrounged, would cost more than the $610 (delivered) price of an American Rotary AR5. If I already had the motor, it would be different. Maybe.
I see VFD's in two categories--knockoffs that I'm not sure I really trust for this and name brands that aren't all that much cheaper than the RPC mentioned above.
The more I read about static converters, the less interested I am, and that wasn't my starting point in any case.
My lathe (2 HP South Bend 14-1/2) and my table saw (old Taiwanese Grizzly 3-HP) use single-phase motors, as do all my other (smaller) shop tools. So, notwithstanding that I'm tempting fate with this statement, I'm thinking there will only be one three-phase tool in my future. Even if I added one, however, there's only one of me, so only one tool at a time will be in use.
Rick "famous last words" Denney