It can be done ... if
The big if is the size (kilowatt output) of the generator. Portable generators are usually no larger than 10kw, which use an 18-20 hp gasoline motor. The Briggs & Stratton 30207 is typical of this size generator & comes with a 240 volt outlet:
You'll need a RPC (rotary phase converter) that about 2X the size of the mill hp + the lathe hp. If the Bpt is 2hp and the lathe is 3hp, the converter needs to be
at least 10 hp. Therein lies the problem.
10kw equals about 40 amps @ 240v. A 10hp RPC will draw about 250a for a fraction of a second until the rotor reaches full speed. If you purchase a "soft start" RPC (American Rotary is one company that makes one) a 10kw generator
may start a 10hp RPC.
The best way to determine this is to take the RPC with you & try it at stores selling generators. If you already have a generator, plug in the RPC & test to see if the gen will start it. If it starts the RPC, the RPC will start the Bpt without a problem. Once the Bpt is running, the lathe will
probably start, especially at slower spindle speeds ... but may not start at higher speeds.
A phone call or email to some generator companies may get some suggestions. Also, a VFD (one for each machine) may be a better & less costly approach.