I run several Rotary Phase Converters in my shop, ranging from 5hp to 80 hp, according to the sales info that came with the 80hp unit, when it is just idling ( no load ) it consumes about the same amount of power as a 100 watt light bulb. SO we turn them on in the morning, and one of the last things to be turned off in the evening.
As for using it to turn off and on the using the converter, bad idea for a couple of reasons. One was mentioned, someone might say, hmmmm what's this switch for? But also depending upon the internal electronics of the converter, it could damage the converter, or your 3 phase motor. There is also the thought that most converters really only create the 3rd leg of voltage, legs 1 and 2 are really just passing thru the converter junction box ( if at all ) so turning off the converter only switches off the third leg, not legs one and two, with the saw switched left in the on position, the motor would still be energized tho not running.
On a slightly different note, magnetic style switches are ( in my humble opinion ) always a good investment for stationary tools. If the power does fail, the switch automatically turns off, so when power is restored, you do not find yourself an uncomfortable situation.
Michael