Yes it does work, to an extent, but not as well as on real 3 phase power.  

The more modern approach is to use a 3 phase variable speed drive of a type that will accept single phase input. Or to replace the drive motor with one intended for single phase supply.

hertzal123 said:

I understand the output power will be reduced by a third

And there lies the problem! Did you really think that the manufacturer of the band saw overspec'd the power of the motor by 33%? Do you think that it will run satisfactorily on a bit over half of its previous mechanical power?

Would,not that depend on the thickness  of wood been cut?

                                                                             Hz

It does work, I have done this sort of thing, though not for a bandsaw. As others have noted the thing will be a bit under powered, but then just run the blade one speed slower.

The capacitance value may well need a bit of fine tuning to get all three phase to phase voltages comparable (and you will have 230V and perhaps 150 and 180 for other voltages in the delta ). The exact voltage balance will be load dependent, and can in complex designs be used to click in more or less capacitance as required.

Watch that the revs remain high enough that the motor cooling under heavy load is adequate.

Mike.

edit

I assume you are doing one of the 2 config on the left. If so, on a 230V 50Hz supply for 1kw I'd expect about 70uF to be a good starting point - 110uF could almost be for a US application - the higher freq reduces the capacitance, but the lower voltage & higher current increases it.

Image pinched from http://www.claredot.net/en/sec-Electrotech/supplying-three-phase-motor-mono-phase.php 

be prepared to experiment a bit.

Thanks for that Mike,should I use double the value for the start cap ie 140uf?

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depends on how fast a run up you want - essentially piling in more capacitance assumes the motor starts pretty much fully loaded.  I'd expect a bandsaw to spin up unloaded before you feed stuff in to be cut, so you may not need that much though it will do no harm, just give you a faster initial spin up. The caps need to be rated for rather more than the supply voltage as you may pass through a series resonant condition during spinning up especially if the larger capacitance is left in too long.  Are you DC braking as well or just allowing natural spin-down ?

Not at present,the job is for a charity  and trying to keep costs down.,Thanks for the remainder.I know some woodworking kit has to stop within 10s of switch off.So will look into it.

                                                                            Regards,Hz