As others have mentioned, it seems to be an inverter/motor combination, with the control board manufactured by Feil.
www.fielsrl.it
The bumph on the website suggests that the control board converts single phase (120V in your case) to 3-phase: I'm guessing 220V.
The motor rating plate suggests it's an IEC Metric 80-frame, 4-pole. If so, it'll be 80mm from the surface the mounting feet sit on to the shaft Centre and the shaft diameter will be 19mm. Most of the world uses IEC Metric motors, so there should be no problem sourcing a replacement. Here in the UK, NEMA-frame motors (to US standards) tend to cost between 2 and 3 times as much as an IEC Metric (standard here) equivalent. A NEMA-frame motor should also be relatively easy to fit, as it appears to be belt-driven and pulleys are readily available.
Most VFDs should be able to provide two preset speeds, even the cheapest no-name imports. The fact that you are asking the question suggests that you are not familiar with VFDs. If you go for a motor and VFD, make sure you download, read and understand the manual. Most of the cheap ones have lousy manuals and I would not recommend them to a beginner. You need something with good documentation and factory or supplier technical support in your time zone.