Hi Nick
At the risk of triggering a "minefield alert".....
It is fairly straightforward to get hold of a 110 volt site transformer here in the UK (for example, almost every tool hire shop sells them) - these step-down voltage from 230 volt mains to 110 volts (actually 55 volts centre tapped) which will happily run many 120 volt electric power tools. The problem tools are those with electronic speed controllers (e.g. routers) where the frequency may be an issue depending on how the speed control actually works. I've run the old Porter-Cable routers (691 D-handles) here on a transformer for years without problems and my kit also includes Sioux angle drill, P-C profile sander (variable speed) and a Makita wetstone grinder, all 110 volt and all of which work OK here. I did try a Milwaukee variable-speed router a few years back and that wouldn't run at all.....
When it comes to static tools there is a slightly different set of problems. Most static tools use induction motors, where the frequency of the power supply dictates the speed at which a motor rotates. As you know we have 50Hz mains power here rather than the 60Hz you have in the USA. All of this means that your motors will spin at 2850 rpm (3000 rpm less allowance for friction, slippage, etc) as opposed to 3450 rpm (3600 les, etc...) - and they'll run hotter, too, which can shorten the life of the motors (to compensate European motors frequently have heavier windings and slightly bigger fans, I'm told). Were you running on a 110 volt site transformer you'd need to ensure that the transformer was big enough to take the starting load - roughly 1.5 times the rating of the largest motor you'll be running for most woodworking kit. So if your largest motor is, say 3 HP (approx 2250 watts, 1 HP is approx. 750 watts), you'd need a transformer of around 3300 to 3500 watts. The nearest match is going to be a 3.3kVA (3300VA) transformer (and to any electrical genii out there I apologise for the crude calculations). You'll know you have heat problems if your motors have thermal ovearload protection and they always tripping out..... Compressors, however, start up with the motor under load (after all the receiver/tank generally has some pressure in it) and you'll probably need to double the motor rating to arrive at a suitable transformer size.
If you're concerned about getting it right (and prolonging the life of your motors) then the obvious solution would be to move to an inverter capable of delivering the correct voltage and frequency - however that is going to be a much more expensive option (possibly £300 to £500 as opposed to under £100). The choice is yours.
A final thing to consider is plugs. We use a completely different (BS 1363) 3-pin plug in the UK for 230 volts mains which is nothing like the NEMA standard plugs you have in North America (and complete unlike anything else in the EU, except for Ireland):
So you'll either have to invest in some conversion cables with a BS.4343 (CEE Typ-17/IEC 60309) 110 volt plug at one end and a Nema 2-15/2-20/5-15 socket at the other end, bring some NEMA sockets and make-up your own conversion leads (as NEMA sockets are like hen's teeth here) or rewire everything with BS.4343s. To use a site transformer you'll need a yellow 3-pin plug, rated 110volts 2 pole + earth (2P+E). A good make is Walther.
Wikipedia has a useful entry on the subject
There's some useful information on plug types and power supplies worldwide over at
Wikipedia. A British supplier of various cords is
IDC Plugs Ltd who seem tio be able to supply cords for most purposes.
Good luck!
Scrit