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I wish I could offer an opinion to help out.
I know nothing about these two machines...But to me the price sounds high for a step pulley mill.
You wont need $800 to get 3 phase,3HP variable frequency drives are in the 180$ range.http://dealerselectric.com/variable_frequency_drives.asp
Static converters are not VFD's. I've spent several hours reading and will say that a properly sized VFD is prolly the best option, but as I understand it, needs to be tied to one piece of equipment. A rotary will handle several pieces of equipment either individually or at the same time. That is what is pointing me in that direction. And what makes a rotary best for me. One big rotary is cheaper than two or more properly setup VFDs. I'm thinking that in the future I may stumple upon other 3 phase equipment I want to run like a bandsaw or grinder or even to test a farmers conveyor I have to repair. I believe a rotary converter will best suit my situation.