how big of a motor would you like to run off the converted generator?
if you are thinking of around 3 hp or so, perhaps converting the motor to an induction generator would be an alternative for you.
also not knowing where you are from, but does your motor currently have 9 wires coming out of it? or is it a world motor with 12 wires?
if it is a world motor you can configure it to 220 vac 50 hz at about 52 amp output by grouping the wires into double star and then paralleling them. if it only has 9 wires you can still do the same but will have to open the motor and find the star interconnection and bring out the lead for proper connection.
should you decide to go this route let me know and i can give you the connection information to achieve this outcome.
using capacitors to excite the induction motor it will generate in your case at about
1560rpm or so.
i am not sure that doing a neo mag conversion to the rotor would be a good match for you as there is no way to regulate the output to run other induction motors, at least not easily or cheaply.
perhaps a bit more info and someone might be able to help you
good luck
bob g