You really need to get clear on why a single phase motor will supposedly limit what you can machine. It won't.
Esp not at that HP level.
Essentially, you look at the Frame designation of the motor, find a matching one in Single Phase, hook up the power, and go.
3 phase power is smoother, but if it mattered, you sure wouldn't be looking at THAT machine to do the work. Really. A difference that would be possible to see on a grinder spindle doing fine finish work...maybe. Not going to change what happens on a manual mill. Too many other variables will affect the finish and operations far more. Like how many cups of coffee you had, or whether the end mill was new or used.
I think, as I have said repeatedly, that a VFD is the best choice. I would hope that you understand the pro's and cons of each of the available options, when you choose, though. Based on facts rather than suppositions or beliefs not founded in any facts.
IMO VFD's rock. You can program them to do wonderful and useful things (soft start, variable speed, e-braking, etc) , or you can bury them in the box, and have them only provide what the power Co. won't, straight 3 Phase power at 60 Hz. If the mill has a power reverse switch that operates a relay to do what is called "plug reversing", you are going to have to pay close attention to the VFD as that is one of the things they do not (most) do well. Plug reversing essentially disconnects the motor from power, and reconnects it to the power with two phases reversed. Most VFD's don't deal well with being disconnected from power and reconnected, esp under load.
RTFM. Read the fricken' manual!
That's a pretty solid hunk o' milling machine. If it does not have a power feed on the Knee, that should be your next purchase for it. Cranking the knee up and down gets old fast!
3 phase power feeds? Coolant pump? Gotta factor for them if converting to other than wall source power.
After a power feed on the knee, start shopping for a decent DRO. One of them things, like putting a scope on a rifle (decried as being 'for sissies' essentially, at one time) that makes your life easier and your job faster to a good result.
This look familiar? "My budget for sourcing and installing whatever unit I end up with is of no concern." That would be where the cost is no object idea surfaced, eh? Cost is ALWAYS an object!
Cheers
Trev