Step pulley on a hinged plate is what I did. I used a 1750 RPM, 1hp motor for a while. Grinding with finesse (slower speeds) on small blades or bevels the 1hp has all the power needed. Once the speed is stepped up over 3,000 SFM and trying hog metal, the 1hp will bog very quickly, especially when using a platen. A big contact wheel uses less hp, but still can be bogged at high belt speeds very easy.
All depends on the mounting method for the 1.5 motor - if direct drive and it bolts up direct to grinder (typical for VFD), same mounting as the 1 hp or 2 hp - as long as the motor has the required mounting holes. If using to drive step pulleys on a hinged plate, again - no difference as long as the motors have the same footprint to bolt down. It's also very easy to switch from 1hp to 2 hp - depending on mounting method. On my hinged plate changing from 1hp to 2 hp was a simple matter of unbolting 1 hp, and bolting up 2 hp.
My 2 hp motor is not a TEFC motor, and I expect "someday" the grinding dust will ruin the motor, but since it was a freebie - nothing lost and I'll look for another really cheap motor then. If paying very much money, I'd for sure use a TEFC motor.
Ken H>