You are going to have trouble finding a single phase 230V inverter that will run 5.5hp, 4.2kW. They seem to stop at about half that simply because that is the most you can draw from a normal power socket.
Static converters work fine, but you must use a 400V one with the motor wired in star. They are not happy things with the motor in delta, do a search. Contrary to popular belief they will provide 100% of the motor power as well. Don't need the rotary converter unless running more than one motor from the same static converter.
Depends how good your engineering is, 400V safety mostly, but they are easy to make yourself for a lot less than a bought item, just getting suitable transformers.
Don't forget that a static converter will still be drawing a lot of current from the single phase supply, you need industrial plugs and sockets etc.