Three phase is a plus these days instead of a problem, simply get a VFD to control it with and you will have upgraded to smooth variable speed with instant reverse and dynamic braking capabilities! VFDs are the cat's meow when it comes to machinery with three phase motors.
Jeff if you feel like gloating then go right ahead, you just finished a lifetime of working to earn that privilege. I did the same thing when I retired, bought a new 14x40 lathe and a used J-head BP along with a bunch of extras I figured I would need, turn tables, boring head, etc but of course I never even figured close and I am constantly on the look-out for new tooling. Keep a check on E-Bay for some real deals, a lot of people try to unload their worn out junk (trashed end mills, etc) there but there is a tremendous lot of new stuff that often goes for a fraction of dealer asking prices. Over the last few years I have accumulated a tool box full of various brand name new end mills and other cutters for a fraction of what places like MSC (Dang I still miss ENCO!) get for the exact same thing and brands like OSG, Niagara, Cleveland, etc can be found for less than the worthless Chinese junk. Chinese machinery may be ok for the price but their tooling is a joke.