Yes: I have a lot of three phase machinery here with the biggest having a 5hp motor. I use a converter that I built using a timed-drop-relay, a bunch of caps and a 10HP three phase motor. It produces perfect three phase power from 1Ph, 230v. The converter motor needs to be about double the HP of the largest motor you need to drive. It does not consume very much power even though it is rated at 10HP, but it is under virtually no load.
I bought the motor and caps from a surplus place for 35-bucks. New bearings cost $20 and I machined the shaft off at the case end while I had it in pieces. A couple of boxes to house the caps and I have solid reliable three phase. I use a remote push button for start and stop before starting the three-phase motor I need to drive.
It took a little trial an error to balance the phases by adjusting cap-values but they are now all within 5v. There are many circuits and instructions available online. There is also non-motor-based phase converter boxes available for under $100, but I burnt up three of them before I finally built this motor-based one and have never had a problem since then.
I am not sure running just two of the three phases is a wise idea and I am sure HP would suffer.