I'll share what little I know from my experience with rotary phase converters.
Rotary comes the closest to matching the efficiency of true 3-phase, somewhere in the 90%+ range.
Static phase converters, those with no moving parts, I'm told are less efficient, 80 - 85%.
There are some manufacturers of 3-ph machinery that will void their warranty
if their machines are run using static converters.
Basically a 3-ph rotary is a large(r) 3-ph mtr that uses a capacitor-bank to generate the 3rd leg.
The sizing of the cap-bank is key to the unit's efficiency.
Sizing of the converter itself is based on the total demand of the unit.
Ex: I have 3 machines that require 3-ph current. Their total combined demand is 5-hp.
My converter is 50% larger than the demand or 7.5hp.
If I could physically start all 3 machines at the same time, none would lose power.
There are certain advantages to 3-ph which I appreciate, dynamic braking and instant reverse.
With lathe-spindle running fwd, I can 'bump' reverse and stop the spindle like right now (dynamic-braking).
I tap under power, not by hand. The tail-stock is much truer at keeping the tap straight.
Once the tap nears the bottom of the hole I just hit reverse and walk the tap out of the hole.
I will admit that I'm not a licensed electrician though I did work Ind. Maint. for 10 yrs.
I know probably just enough to keep everything in my shop running.
My converter was built for me 25 yrs ago and has been performing flawlessly ever since.
I consider it a good investment.
HTHs, KJ
The wght. of the converter is almost irrelavent. Once set in place you'll never touch it again.