Melanie -
Your headline is misleading: you don't need to convert from 3-phase to single phase at all. Any 3-phase supply automatically includes single-phase power - it's all in how you take the power off the panel (the number of breakers and wires; single-phase 220V will use three wires and three breakers and 3-phases uses four wires and four breakers).
If the Selmi Plus a 3-phase machine and you're moving to location where there is only single-phase power, then you need a ROTARY phase converter because of the variable nature of the load (e.g., the compressor cycling on and off). I suggest you contact American Rotary ( www.americanrotary.com ). You are going to want to purchase their 10HP (AD10-S) converter. I don't remember the price and I have never quoted shipping to Hawaii. We have several people running these on changing loads with FBM machines for well over a year without any problem. What is a problem is if you order one that's too small. Then some of the issues that John mention may crop up.
From my experience, it is NOT possible to convert a machine that has been shipped from the factory at one electrical configuration to another electrical configuration in the field -- cost effectively, or at all. Even if you could it would require many hours in the hands of an experienced (on Selmi equipment specifically) electrician. In my experience, it is much cheaper to change the external power supplying the machine than to change the power inside the machine.
VSDs will not work for this application because of the control electronics of your machine. If you were directly driving just the motors, maybe. But you're not - the electronics of the Selmi are. You'd need to attach the VSD to the CPU in the Selmi and that's not an option.
Another option for the rotary phase converter is to power a panel instead of directly power a machine. This way you can wire and power more than one 3-phase machine off the same converter. If the combined load is to great (you trip the circuit breaker) then it's easy to switch between the two at the panel. Plus the electrical inspectors prefer this method over running long cords.
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@DiscoverChoc