The problem with the el-cheapo phase convertors is they don't produce balanced 3 phase power, so the motor runs with unpalanced phases. Mor\tors don't like this, and try to balance the 3 phases by shifting current from one phase to another, which increases the winding currents and generates heat.
However, the motor on a grinder isn't very heavily loaded, and the Baldor motors are rather over built, so I suspect it will work ok, provided you can find one the right size. That's the other problem, they have not only a maximum HP rating, but also a minimum rating, if it's too big, the motor can't load it enough to make it work right. Most of the convertors floating around are 5HP because they were very popular with folks who wanted to run horizontal milling machines in their garage...
(many of whom also fried the electronics in their milling machines, electronics don't a like funky power ; P )
>Also, this grinder came with 2 diamond wheels. I should be able to swap them out for regular, amum oxide or stone grinding wheels, correct?
Depends, what speed is the thing? Some diamond wheels are designed for high speed operation, you need to match the wheel to the grinder to use it safely...
PS: Don't assume you won't find a small rotary phase convertor surplus somewhere, computer rooms were still using them for UPS service untill fairly recently, now they are all obsolete, , I havn't gone looking for one, but I bet they are out there...
