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I know it's a little too late to mention this now, but I will anyways. I have a little 1-3hp static phase converter that works absolutely fine for my DoAll bandsaw, Clausing H mill, and once I get the J head BP wired up it'll work fine for it. I am however, going to be picking up a 15hp rotary converter from someone I know because I will eventually get a lathe and it'll likely need all the grunt I can throw at it. That is the ONLY reason I say to get a larger capacity one......because you may need it if you buy larger equipment.
For what you have and plan to do, yours is more than ample. When I was looking at the VFD's, I wasn't needing anything like that and it was a bit more expensive and unecessary IMO. I'd say you are in good shape though if you don't ever need anymore juice.
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