The difference is a three phase pressure switch is it only switching and designed to only switch low current. The low current pressure switch only switches a magnetic coil in a contactor that is rated (for this particular 5 hp) with a Nema size 1 rating. When you switch the contactor from three phase(7.5hp) to single phase The Nema rating is adjusted to only 3 hp. So, the contactor can no longer be used under single phase situation. It will arc itself welded usually under the first hundred shut downs.
If the pressure switch has NEMA rated contacts (size 1) which then control the motor, these would be rated at about 27 A three phase. Or 14 A single phase . A 5 hp single phase motor needs a size 2 contactor.
A Nema size 1 contactor is rated for 3 hp single phase or 7 1/2 hp three-phase.
A Nema size 2 contactor is rated for 7 1/2 hp single phase or 15 hp three-phase.
So generally a compressor manufacture will not just willy-nilly throw a size 2 contactor on a 5 hp three phase motor. They're just wasting their money.
So, good chance being if you swap out the motor for a single phase, you'll probably have to swap out the contactor too, as it is probable that the pressure control switch is not rated for this size contact, and neither is the contactor! If it does have four contacts like the A.B. contactor I have shown below(left), there is ways around this where you can run the two hot legs through and splice them through in parallel through the four contacts. But this is a rare situation. This is contact amp sharing, and usually needs to be approved.
Here is a size 1 and size 2 contactor made by Allen Bradley.
Here is a single phrase pressure switch with Contacts for switching load. The second picture has a pressure switch with Contacts design for single phase and pressure unloader. It is rated for 26 FLA, which encompasses most single phase 5 hp motors. (It will need to be hardwired without a plug to a disconnect, as there is no plug rated for 5 hp under single phase 240v applications) .
Overload heaters or fusing need to be prior or after each of these contacts to prevent Motor overload.
Now I as for my thoughts on IEC versus NEMA, NEMA Contactors are generally are best set up for industry (or industrial use). They are the most robust contactors built in the world. IEC have a very narrow and complex set up. Usually any changes made to an IEC require a whole new contactor. But the nice thing about IEC is there usually about half the price, but usually half the quality. The nice thing about Nema, they are, pretty straightforward for most North Americans.
As for an RPC for rotary phase converter starting a 5 hp air compressor, it's been on the market for a few years. Just watch this video. I've done many work jobs with these guys, and I have absolutely no affiliation!
Now that I'm done writing this, I look back, wow, what a waste Rant. Nobody's going to understand what I just said, except for A half-dozen electrically sound . 99% of electricians I run into just think I'm speaking Spanish. The worst part is is I'm not electrician by trade!