The missing fan shroud probably makes a difference in your running temps.
As for a new compressor, unfortunately prices have really gone up since COVID. Pre-covid an entry level 80 gallon version of the Grizzly compressor was sometimes under $1000. Personally, unless you need the new compressor right away I would look for a good used 60-80 gallon unit.
Looking at the Long Island craigslist,
80 gallon Industrial compressor DOES NOT RUN The air portion works great but the electric motor doesn't run I replaced the caps but that didn't fix it. It's been sitting I don't have time or need...
longisland.craigslist.org
This one looks interesting. Really stout compressor but says motor is bad.
Here is a suitable motor from HD for $500
The Motor 5-1/5 RHP 4-Pole Baldor L1430T comes with rigid base for long lasting usage. This rotates counter clockwise direction by facing the motor shaft. It features open drip proof housing with start
www.homedepot.com
That would net you a very nice IR 5HP compressor for around $1000.
I suspect a cheaper motor could be found.
I'm not suggesting this is the right answer, just a suggestion that new might not be the best option.