A couple of years ago I installed a 30hp rotary phase converter in a buddy of mines shop to run his new HAAS VF2 mill (20hp). I monkey'ed around with the t-leads of the converter to achieve the best output phase voltage balance (per the manufactorers instructions), ended up with less than 5% imbalance. The HAAS tech signed off on the installation no problem.
One good thing about rotary phase converters is that, for example; If you have a 10hp converter, you can run multiple lesser hp motors (say 7.5hp or less) all at the same time. They all act as a converter and actually help balance out the phase voltage.
One of the drawbacks is that they are somewhat inefficient. I've measured the current draw of the 30hp at idle at a little over 10 amps.
You can use a as large of rotary converter as you want with a small motor, just not the other way around. Just remember, the bigger the converter, the more energy is wasted.
This is the link to the rpc my bud has.
http://www.americanrotary.com/