Loren,
I couldn't take it, I went out into my shop, and gathered up some parts laying around.
I got a Magnetek 1.0 h.p 3 phase motor, 3450rpm, wired for 220 3 phase it draws 3.0 amps f/l
This will be my phase converter motor.
I also grabbed a 1/2 hp GE 3 phase motor, 1725 rpm, 2.2 amps f/l
and I grabbed a 3 phase contactor with a 115 vac coil
I wired the converter motor from a 220 switched outlet on my test bench then paralleled those two legs to A&C phases on my contactor and onto the 1/2 h.p motor I want to run, I then wired B phase through the contactor and onto the 1/2 h.p motor. B phase being my extra or third leg coming out of my converter motor.
I then wired the 115 volt contactor coil through another switched outlet.
I turned the converter on but it wouldn't start so I wrapped a rope on the shaft and turned it back on and pulled on the rope,....it fired up. I was pulling 2.6 amps on both legs at the converter, I measured voltage on the contactor and A to C was 240volts, A to B was 212volts and B to C was 223volts, since true three phase power is 120 degrees apart phases and this set up isn't I could see the difference in voltage between phases. I turned the contactor on and the 1/2 horse motor took right off, I took a amp reading there and this was the findings,...A phase was 2.0 amps and motor is good for 2.2 Phase C the same but B phase was only .3 amps.
I now measured at the source of the single phase power again and it had raised to 4.8 amps so there pulling both motors since there paralleled off each other.
SO,.....your going to have to run wire to handle the F/L current of your phase converter motor plus the F/L current of the motor or motors to be used, you will also have to fuse accordingly
Also to do it right you should use motor starters for each motor with heaters sized for each motor.
It only took me about 30 minutes to build it and I played with it for about a 1/2 hour and it has took me a hour to write this and it is still running and both motors are running cool, although there not doing anything, I hope this will help you some.
Take note I don't know what your local codes are and I didn't look into the National Electrical code book I just hooked it up and it will work, so if you want it leagal you need to do your own homework on that,...run big enough wire, I always like to be on the plus side, set your heaters to protect your motors and fuse to protect your wiring.
Wayne