Going into the “Phase Converter”  you should have 240V. (Two Hot wires). (I would also connect a green ground  wire to the case)  Coming out of the Phase converter and going to the  motor you should have three wires.
Two are basically the 240V you put in. The  third finds its way through the capacitor and a relay system. 
The capacitor provides a phase shift which  will start the motor rotating. Once he motor achieves some speed the relay  disconnects the capacitor leg. 
If you had the capacitor leg connected for  some time the capacitor could get warm. 
Are you sure you now have it connected up  properly? 
I would not abandon the 3Ph motor under any  circumstance. If the Phase Converter is dead I would get a VF
From: 
  Sent: Thursday, January 16, 2014  12:12 PM
  To: 
  Subject: [SOUTHBENDLATHE] How do  you Test a 3-Phase Converter?
  
I bought  a SB Heavy 10 lathe around a year ago. I cleaned it up and around a month back,  I tried hooking it up electrically. It has a 3-phase, 220-Volt, 1/2 HP motor  and a 3-phase converter.
  
  When hooking it up, I attached all three wires, the left and right 110-Volt  legs, plus the neutral return wire. Later, I found out that I should have only  connected the two 110 Volt hot legs and left the neutral off.
  
  No sparks or fireworks, but the capacitor  (or whatever the cylindrical  component inside the converter is) got hot. The motor never came on. It didn't  show any signs of life even after I hooked it up to just the two hot legs as it  should have been.
  
  I was told when I bought the lathe that it had been working before they removed  it from the shop floor. The previous owner also probably told me to only hook  up the two hot 110 Volt legs and leave off the neutral wire, but in the time  between purchase and first attempt to run it, I forgot that detail.
  
  Not sure if I damaged/destroyed the converter or if there is some other problem  or issue. How do you test a 3-phase converter? 
  
  If it is toast, should I just consider buying a 110-Volt, 1-hp replacement  motor?
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