I'm guessing that they have had this same problem before. A wheel polishing machine that requires 480V three phase. They probably install these in lots of shops that don't have the correct power.
First thing I would do is to contact the manufacturuer and see what they recommend. They may have found the best solution to your problem already or they can give the number of another customer with a similar problem and you can check to see what set up they have and how it's worked out for them.
If that doesn't work then get in contact with the manufacturer of the phase converteres and see what they recommend.
http://www.phaseconverter.com/rotary-converter.sizing/
They don't really show anything about the controls for this equipemnt on the web site. Once you get the paperwork for the machine the manufacturers may be able to help design the correct power system.
My view is to never design anything yourself if you can get a manufacturers recommendation and get it in writing. Put the monkey on their back and let them tell you what's the best way to run the machine to reduce your liability.
Another thing is how much single phase power do they have available to start with because they are adding a pretty good load here.
I have installed a few phase converters but I look for a way around it if I can. Just more equipment to give probelms in the future ( and take up space).