Nothing wrong with a rotary phase converter, or a static converter either. I don't have a bunch of big machines like that, so I use a few capacitors here and there, some manual start, some with a hard start kit relay from an AC. And a cheapo VFD for an attic fan, full speed for blowing the house out with the leafblower, low speed for cooling off overnight.
The idea of hydraulics running cooler at lower pressure was bugging me, then I remembered the comparison to electricity. If we are casual enough to compare pressure to voltage, the voltage/pressure drop is what causes heat, that drop multiplied by the flow is the heat loss. So voltage drop x amps, is roughly the same as the pressure drop x flow. The key is that voltage or pressure drop is based ONLY on the resistance at a certain flow, it is not affected by the absolute voltage or pressure. So a hydraulic line that has 20 PSI drop at 10GPM will have that same drop and produce the same heat whether it is operating at 40 PSI or 4,000PSI. Likewise an electric line that has 5V drop at 200A will produce the same heat at 12V or 20,000V (more importantly to the 12V system, the delivered voltage will be 7V vs 19,993V, or 42% loss vs .025%) That's only one factor in electrical losses, possibly even less important in hydraulics, I have no idea.