Few suggestions/comments...
First, check the motor nameplate and make sure it is actually a 5HP motor. Compressor folks have a habit of using "special ratings" and 5HP in compressor salesmanship does not always mean a true 5 hp motor.
Secondly, as Larry pointed out, a 5HP single phase motor is going to be considerably different in size from a 3 phase unit. Be prepared for significant mechanical modifications.
Third. A different starter will be required. Normally a 5 HP 3 phase requires a Size 1 starter, a 5 hp single phase a size 2 SIGNIFICANT COST DIFFERENCE.
Even with all the above, you still may want to discuss the change with a manufacturer Representative. Compressors are often designed to the limit of the motors and single phase may not provide adequate torque, etc.
With cost, mechanical difference, etc. I have seldom seen such a conversion desirable.