I have been searching daily in Minneapolis area with no luck.
I'd be *really* sure your single outlet circuit really is a single outlet circuit. Such things are rare in my experience. But if it is, the material cost of converting it to 220v should be about $20. With a rudimentary understanding of writing it's an easy DIY job. Replace 1 pole breaker with 2 pole breaker. Black on hot, white (originally from neutral) to the other hot, ground stays on ground. Replace outlet. Done.
But personally I'd never buy anything less than 3hp lathe. If you really dig into the wood it's easy to stall even a 2hp 220v motor.
You forgot a critical step: paint each end of the white wire with a color or wrap with colored electrical tape. This is required to indicate the white is hot. I like to use the black liquid tape which forms a tough rubber bond.
The whole job should only take 15-20 minutes, a bit longer if you have to move or double up on other breakers to make room for the 2-pole breaker. Have a flashlight handy and a helper to hold it unless there is a window near or you work the box hot. Without experience, as mentioned, a friend there to advise is the way to go.
JKJ
I've literally never seen somebody do that for a simple outlet or appliance. Now, if you had splices or were sharing boxes, definitely. But for a simple outlet, anybody who knows what black on the white wire means would also know from the context exactly what it's doing when connected to a 220v breaker or outlet.
So I don't know if I'd call it "critical," but this is a valid point, as from googling it's apparently required by code in most places. Good catch.
Brandon, you mentioned putting in a subpanel. I think that would be the best solution and then run all your wiring in surface mounted conduit. A couple of books from the library or some youtube videos could walk you through the installation. As John said, expand your search area. A road trip could be fun. As to lathe size, join your local turning club. Go to peoples shops. Woodturners love to show off their shops and lathes. As a plus, you can try out different lathes. I currently have six lathes, a Oneway 2436, two Oneway 1224's, a Jet 1221vs, a Jet 1220 and a Robust Liberty. I actually turn more on the Oneway 1224. I save the big lathe for platters and wall hangings. My girlfriend uses the Robust more than I do. In fact, she likes it so much she got one for herself. I guess this is my long winded way of saying for you to try many different lathes.
Joe