here is what most phase converters do....it electroniclly "fakes" a third 120 degree (out of phase) leg for your 3 phase motor (?). This is for starting only. Once the motor is up to speed and the CEMF is high enough the "fake" leg drops out. The motor(?) will continue to run with single phase power. What needs to be understood is the 240v supply voltage will become "fake"240v 3 ph for only a short period. The single phase running current (FLC) will be much higher and the motor will run warm. For short duration jobs on a 3 ph. mill or lathe (20 minutes or less) you should be OK. NEC overcurrent protection values will be different depending on the type of OPCD you use. Assuming this is a "fixed load" take 29,000 watts/240 volts or 121 amps and multiply by 125% {455.7 (B)}. This gives you 151 amps. The next standard size OCPD will be a 175 amp time delay fuse {240.6(A)}. These converters are very power sensitive. I wouldn't oversize or undersize but keep it real close to your power needs. Staying within listed nameplate values will reduce the hazards of manipulating power systems into doing something other than what they are designed to do.