OK, back to the original question, though!
Looking at that motor, it's about 1 horsepower (yes, silly Imperial standards) and 1140 RPM. That's right in the range you want to be in for a Hercus or the South Bend it's modeled on (I have one myself). It's reversible, and sealed/fan cooled as well - all pluses.
Depending on the footprint (base holes dimension) you may well, other than controls be able to bolt up and go. Pulley on the motor shaft may require swapping out for a similar size with the proper shaft diameter - not expensive, and trivial really.
Now comes the fun bit. Depending on what the 3-phase motor has for controls you may be able to adapt its drum switch or whatever to reverse and turn the single phase motor on and off. However, there is a chance it may not be adaptable.
At that point you have two courses, potentially. The first is to get a drum switch for a single phase motor and wire it up with the proper multiconductor cables - not impossible but not a dollar fifty in parts. The second (and quickest way to get making swarf) is to fit it with a simple on/off switch and forego reversing for the moment, then add the switching when you regrow your wallet contents.
Either will work. Personally I rarely use reverse other than screw cutting, so if you make smaller parts or are willing to wind it back by hand when screw cutting you can do without it.
Up to you - and hope this helped.
Al