My 6000 RPM spindle has a pretty good whine to it before and after new spindle bearings were put in.
Tool carousel also homes when the axii are homed. It is normal for it to index to the last tool that was in use. That way if you leave a tool in the spindle or the power goes out mid cut it will always be in the right pocket to do a tool change upon recovery. Try changing to a different tool then homing again.
You can issue tool change commands in the MDI MODE, but there is a convenient menu selection <F1> S_T_M_ also I think <6> S_T_M while in JOG MODE that does it for you.
Just fill in the blanks for what you want to do (i.e. S:___ T02 M06 then hit + to send the proper MDI command automatically).
I think your manifold is leaking. The left most valve is the high low gear selector. It most definitely should not be constantly pissing out air. There is a molded gasket underneath the valve that could be mucked up if the previous owner was not careful with it.
My CAT40 plastic tool fingers have ANSI molded right into the part that engages into the tool holder key/drive lug. I'd bet dollars for donuts the BT40 have JIS, ISO or BT40 molded right into it.
https://www.amazon.com/Bridgeport-BP.../dp/B00KIV2K40 is a picture. I recommend getting them from BPTparts.com though $40 a piece
You should also see the service bulletin for the proper pull stud if it does turn out to be BT40
The service bulletin was mentioned in a previous thread. You can find it attached toward the bottom of the thread. It includes dimensionals.
http://www.cnczone.com/forums/bridge...957-forum.html
I'm not sure what you mean by running on single phase, but most assuredly the 7.5 hp VFD inverter drive will not generate the proper DC bus voltage without the third leg. If you mean on a properly sized rotary phase converter being powered by single phase I see no reason it won't work just fine.