If you are 100% sure that is going to be the only 3ph machine in the shop, your best option is either replace with a single phase motor, or run it off a vfd, and as mentioned you most likely need a 20hp vfd to run a 10hp motor, and name brand 20hp vfd's are not exactly cheap. I do not recommend it, but you might be able to get by using a static phase converter, but you would have to reduce motor pulley size and lower cut-off point on the pressure switch, both of which means you will have less air available. Rotary phase converter is not difficult to build, and you can choose between simple and cheap to one with lots of bells and whistles. Look up rotary phase converter/RPC on this site, there is lots of info. Simplest build I have seen was a static converter used to power a 3ph motor/idler, that powered most of the shop, to use the big lathe another idler was brought online before turning on lathe motor. Probably not an ideal system, no idea what the leg voltages were, but it worked. To run a 10hp air compressor you would need a 20hp idler for the RPC, and if you went this route you can run multiple machines from an rpc.
I will be back in Tx soon to take another stab at liquidating stuff in shop and storage, I know there is a project (needs capacitors) 10hp single phase motor under my workbench, and some 15, 20 and 30hp 3ph motors in storage. Probably only worth it if you are in cen-tex area and can pickup.