As was stated, there are three methods for getting a 3-phase tool to operate from single phase power: Static converter, rotary converter, and VFD. (an electronic converter is just a VFD without the "V", but more later.)
A static converter is not really a converter at all, but simply a motor starter. Once the motor is spinning, the converter cuts out and the tool is left to single-phase run. This is not good for the motor. A "balanced static converter" that includes a set of balancing capacitors is rare, but much better. This comes close to the performance of a rotary converter.
A rotary converter uses an idler motor to generate the 3rd leg of the system, but just as above, this MUST include the balancing, or run capacitors. Anyone that tells you that simply spinning an idler motor without these run capacitors is a snake-oil salesman that doesn't understand converters. A single rotary converter can operate multiple tool motors.
For small motors such as you describe, a VFD is the best approach unless the person has multiple tools. It is possible to have a single VFD operate multiple motors, but this would require more complex wiring and safety controls to protect the VFD. Normally a VFD drives a single motor, and a VFD of this size range is the most cost effective solution.
VFDs above 3 hp typically require 3-phase input, but you can still connect them to single-phase power as long as you derate them. Derate them by squareroot-3 and they will operate from single-phase power.
The bottom line is that if this woodworker has just a single tool below 3 horsepower, then the VFD is the best and most cost effective solution. If he has multiple tools, then he should consider a rotary converter. These can actually be home-made, and you can read my (very old) article on how to do it at
http://www.waterfront-woods.com/Articles/phaseconverter.htm.
A static converter is cheap, but it should be avoided unless you incorporate the balancing capacitors. The article above explains how you can transform a basic static converter into a balanced static converter. If balanced, this can be a very cost effective solution.
