A pair of 3 KVA transformers will buck your 240 volts down to 208 or close to it, and supply enought current to run a 20 HP motor.
Assumption;
Full load current for 20 Hp. at 208 Volts, 59.4 A
Add 25% = 74.25, USE 75 AMPS.
Transformer; 240V to 32V, "buck boost" rated.
240 volts minus 208 volts = 32 volts.
With 240 volts on the 240 volt winding, and the 32 volt winding in "Bucking" configuration you will have 208 volts.
With two transformers in open delta you will be able to transform 240V three phase to 208 Volt three phase.
Needed transformer capacity. 75 amps x 32 volts = 2400 VA.
A 3KVA transformer will provide 3000/32 = 93.75 amps.
Solution; Two 3 KVA 240V-32V, "Buck Boost" rated transformers connected open Delta.
The transformers can be connected in autotransformer configuration and the resulting voltage will be 211.8 Volts.
Years ago, our firm serviced a factory with a mix of 600 volt branch circuits and 480 volt branch circuits. They had a mix of 575 volt motors (600 volt circuits) and 460 volt motors (480 volt circuits). As changes were made we were continually faced with running 460 volt motors on 600 volt branch circuits and running 575 volt motors on 480 volt circuits. A pair of small "Buck Boost" rated transformers was used in each case, in auto transformer configuration.
Two transformers with 480 volt primarys, and 120 volt secondarys, will give a perfect transformation from 480V to 600V or 600V to 480V.
This may be the most economical solution to provide 208 volts from 240 volts for a motor testing circuit.
yours