Changing a 4 wire supply to a 3 wire plug
Sure. You could use the existing feeder to supply a main lug panel, then install individual 20 ampere breakers in the panel. Use the 20 ampere branch circuits to supply receptacles, where you can connect your tools.



Check with your local building department, and/or a licensed Electrician, to flesh out all the details. You'll want to make sure the job is done properly, and up to current code.