I converted a 3 phase 10" Wadkin Table saw (this is one of the small sized Wadkins) about 3 years ago by replacing the motor. I was advised to get a motor of slightly higher power, partly because some companies seem to exaggerate output and partly because 3 phase motors have much higher starting torque (although this wouldn't be an issue with a table saw).
It originally had a 2HP 3 phase motor with a foot mounting, I fitted a 5HP (3HP output Cap-start cap-run) single phase
replacement purchased from Northern Tools as they were the only reasonable priced supplier we could find at the time that were able
to state the output :roll: . Turned out to be Chinese but its power output is more than ample, no slow down using a stacked dado
head.(Machine Mart now do EU made cap-run motors)
I needed a new DOL starter (Some can be converted, but I've found the cost of a replacment 240Volt coil can make it uneconomic).
The pulley had to be machined out on a lathe for the larger motor shaft, a friend did this for free.
I also had to replace the 3 drive belts as the spindle height of the new (fatter) motor was greater.
Approximate Costs:
Motor £113
Mem DOL starter £60 (there are cheaper available but they look far from ideal)
Belts £16
Rotory switch £12
Cable £20
Pulley £free (a new double pulley costs around £20, don't know the cost of a triple)
(the saw itself only cost about £50 - scrap value as it failed HSE standards on numerous counts.)
I would imagine replacing the motors on a planer thicknesser could present greater problems since you have a feed mechanism to contend with and the bigger machines often have a separate motor which would make it expensive. (I did buy a small surfacer with the intention of converting it, but I'll probably end up carting it down to the dump as although it seems to be in really good condition, I'm not overly fond of the design of the knife clamps).
I was advised by a friend with a static convertor to avoid that sort.
http://www.drivesdirect.co.uk/index.htm has a price list and a little info on the various types of phase converters.