I recently converted my 85A plasma to single-phase using technique similar to what I've done with welders, and it blasted through 1" plate like butter, but I really haven't had an opportunity to put it to a good long-term, long-duty-cycle test...
And...
there's a zillion different types of plasma cutters... some are transformer based, some are switching-mode types... what YOU are considering, could be totally different from any other. If it's a switching-mode (inverter) unit, it darn well might be set up from factory to work on single OR three.
What kind of machine does your neighbor have? take a picture of the ID plates and look it up on the web, download a manual, get a schematic. We can tell you more from that. ;-)