The answer to your question is yes. The question you will have to answer is: Are any of these methods practical for me?"
1. Basically you can use JohnNoders idea and rig up a disconnect & some start capacitors which allows you to start the motor with the capacitiors then allow it to single phase. This will cost you about 41% of the nameplate power (divide the rated power by the square root of 3). You should expect about 59% of the nameplate power to be available for your use.
2. buy a commercially made static converter with only start caps and get the same results as John by paying a higher price
3. buy a commercially made static converter with start and run caps. Supposedly these will give you 80% of the nameplate power (they can be finicky)
4. build your own static with start caps and run caps. Same results as a commercial unit but cheaper and you can use better components
5. buy a H-A-S static converter & have your motor converted to 12 leads. This gives you about 98% of nameplate power but the catch is the cost to convert your motor to a 12 lead motor (may require a motor rewind--depending on the condition of the winding's insulation)
6. buy a VFD, single phase input and 3 phase output, 230 volts. This is a superb way to run the lathe but the VFD will be costly. Check with
www.driveswarehouse.com and look for Polyspede VFDs. you will need a 7-1/2 hp rated VFD
7. Change the motor for a 5 hp single phase motor or a 7-1/2 hp single phase (harder to find than a 5 hp but they do exist)
8. Use Joe H's autotransformer method. This works great for one motor. You can find information and posts by Joe one this forum. Just search for "autotransformer" or "transformer RPC" and you should find something, or post asking about it and he may answer.
All of these methods assume you have only one motor on the lathe. If you have more than one then build the RPC and be finished.
You will eventually understand why so many of us build RPCs so we can run the machine without modifications and still get full power from it.