One thing that was pointed out on another forum, that I overlooked the first time, is that this appears to be a 143T frame size, which means it has a 7/8" shaft. Drive wheels commonly only come in 5/8" or 3/4", though you could always make your own or have somebody bore one out for you if you don't have a lathe.
1HP can certainly work in many applications, but if you start adding in belts and pulleys long flat platens and big contact weeks, it's easy to suck a lot of that 1HP up pretty quick for friction. Sharp belts and a light touch do go a long way, but if you want to really hog material, you'll probably find it lacking.
Take a look at any local motor repair/rewind shops, craigslist, ebay etc... and deals will pop up from time to time. You can also get a brand new chinese motor from places like Automation Direct for about 100 bucks single phase, or a little more for 3 phase.
For about $250 to $300 you could get a chinese VFD (open frame, will need filters and/or an enclosure to protect from dust) and 3 phase motor and have a functional variable speed set up. Could last for decades or blow up in a week though... hard to say.
