Jeff, too bad about the saw. I don't have any experience with VFD's, but I do run about 2/3 of my shop on a 10HP RPC. It's just a box full of capacitors with a switch that supplies enough juice to start the 3 phase motor. Regular 220 will turn a 3 phase motor, but won't start one. My previous set up was a 5 hp motor. No capacitors, just a rope to turn the pulley to get up enough momentum to start the motor. The plug was run right from the motor. This was definitely low tech and kind of a pain in the *ss to start, but it worked until I found a better rig. The point is, it is entirely possible to run 3 phase motors as long as you have an additional motor with about 2/3 more HP than the largest motor you want to run. Not sure if the rope would work with my current 10 hp motor, but it did the trick with the smaller motor, with a bit of practive. Also, you can always find a ton of more specific information on owwm.com.
Rob