Peter,

To be honest it only requires a bit of work to the table and its only a quick scrape etc, also the lamp holder and arm needs some TLC but the rest is all good maybe a full restoration later on in a few years time when all the house is finished, the little one is at school and ........ and ......

I,ve a single phase motor that will sit in the housing but its gear driven the shafts are tapered so before I do go about swapping the motors will try and run it on Single phase with capacitors plus may try a frequency inverter, can't say electrics is my forte, but is interesting, I was reading about running a 3 phase 380-400v motor on 240 v and as long as you reduce the frequency by half it will run at a percentage of the normal load , just a pity it wasn't duel voltage and wire it 240V and add the capacitors (run and start) would of made life easier...

As for milling it would do it but have the milling machine ( a Tom Senior) see link below

Tom Senior Machine Tools