I believe I can run a 3 phase motor (induction) off 240v single phase, I suppose I will lose some effeciency/speed , torque etc,can you elaborate

You need a phase converter or a VFD, either will convert single phase to 3 phase output and run a 3 phase motor.

Rotary Phase Converter, Static Phase Converter, and CNC Phase Converters - Phase-A-Matic (http://www.phase-a-matic.com/)

Ronk Electrical Phase Converters - Run 3 Phase Equipment On Single Phase Power (http://www.ronkelectrical.com/add_a_phase.html)

Variable Frequency Drives - Phase Converter Information (http://www.phaseconverterinfo.com/phaseconverter_vfd.htm)

Sizing the converter to handle the HP of the motor you have is critical.