The compressor pump probably can handle a real 5 hp motor for a day or two.
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There would be no difference at all, just as powering a motor that requires 15 amps from a 50 amp breaker wouldn't change how much amperage the motor requires.
That pump only requires what the over rated motor makes, power wise. If you changed the pulley size and increased the rpm of the pump, it would take more hp to run, and would likely give up soon.
Take a pump that actually requires 5hp and try to run it on that over rated motor, and the smoke will likely come out.
I had a sanborn compressor that was labeled either 5 or 6 hp. It made 10 or 11 cfm at 90 psi, per the label and sucked.
My new compressor is a decades old WABCO with a baldor 5hp motor. This pump will put a load of 30 amps on that 5hp motor. The pump is rated at 17.2 cfm at 175 psi. An online calculator says it puts out 20 cfm average based on fill time for the tank. The pulley I upgraded to, has it spinning at slightly higher speed than what the manufacturer lists in the chart. Seems they didn't lie about the output. Of course this is an industrial quality pressure lubed pump and a new similar unit would likely be $1,000 or better from what I have seen, with a complete compressor running $2500 or more.
Maybe people buying commercial quality compressors are smarter than those who are likely to buy what the home improvement stores have and the companies took advantage of the general public/DIY group.
I saw a 17cfm at 90 psi compressor at HD today. The motor was bigger than the over rated 3hp units that were slapped with 5-6 hp, but it still wasn't anything like a baldor 5hp. The one on my compressor weighs 108 pounds and has something like a 1-3/8" shaft. The pump was pretty dang big on this unit, so maybe the numbers were accurate. It is still smaller than I would ever consider for my main compressor.