Before spending time and money needlessly, I would do a deep-dive investigation of the machine to determine if the 240V is as critical as you think it is. A LOT of single phase 240V motors are perfectly fine with 208V, because the motor mfrs KNOW that a lot of commercial applications fed from 3 phase systems will be 208V, not 240V. Most electronic power supplies for computerized systems or solid state controls now have very wide input voltage tolerances, for example 110-250V input with no external transformer required. And if it is something like a resistive heating element, the 208V may mean it will not get as hot, but that may only mean whatever it does will just take a few seconds longer. Bottom line, 208V may not be a problem you need to fix.