I would vote no.
1) The idealarc line is a beast and it's rated for some serious amperage. If you actually needed that level of amperage, then you would most likely have 3 phase power already. 400+ amps of welding current on a single phase system using a transformer welder will take gobs of amperage from your breaker box along with ridiculously large wire. (yes, there are idealarcs that run on single phase. And yes, they take a heck of a lot o amps to run them)
2) If you are only using less than 200 amps, then this machine is really inefficient with regards to power usage. One still needs to charge the big transformers every time it's used. If you choose a more appropriately sized machine, it would be more cost efficient in the long run.
3) Electricity and wiring for 3 phase systems is no joke. If you have a solid understanding of phasing, transformers, circuits...great!! But if you don't and you are looking to follow a set of instructions, then it can be bad (to say the least).
4) If this thing isn't free and in your garage already, I'd stay away from converting it. There are costs in the conversion along with the cost of your time and the cost of wiring the service to the machine. Why not get a cheap inverter welder if you're only doing stick? SMAW is dirt easy for these new IGBT inverters and you can do 200 amps on single phase with a 30A 220v system. The arc characteristics on a cheap inverter vs a good inverter or transformer are not noticeable to the hobbyist in my opinion. If you're dead set on a transformer and you are actually paying for this 3 phase machine, then why not buy a single phase transformer machine? A Miller A/BP is about 300 bucks from the dealer -- yes the dealer!!
I vote no for the above reasons. But if you want to convert it, it can be done. They are dirt simple. I would recommend getting a wiring diagram if you choose to go down that road.
