I just bought my first lathe, which is a Rivett 1020S, and I'm
obviously excited and ready to get it running. The motor is a 3-phase
5HP 240/480V and it is currently wired for 480V.

I plan to setup a phase converter using at least a 3-phase 240V 10HP
motor.

I've never setup a transformer to increase the voltage from my
converted 3-phase 240V to 480V and so I'm seeking advice on this.

Instead of the 10HP 3-phase 240V motor for the phase converter, will I
need to increase the HP any? Does this motor need to be a 240/480V?

Thanks in advance for any advice.