First off, the LNC8 (cadet) with OKUMA controls, should run 200-230 or so, no problem. You may even get away with 235, but 242 is just too high. If it's a Fanuc (ex GM LNC8) they can run to a max of 242. 220+/- 10%, same as all fanuc machines. The machine if I remember correctly with Okuma control, was only ~37 amps. A small step down set up will be less than 1000, and you may even be able to get away with some small buck/boost transformers. Those are pretty cheap.