At $250 it is a very good deal, at $150 you stole it.
Even if you cannot get a 7hp single phase motor (which I have not seen one in your run of the mill commercial applications - usually max out at 5HP), just get a 5HP single phase motor regardless of the RPM and then put a pulley on the 5HP that compensates for the loss in HP and increase in rpm - here is an off the top of my head calc: RPM x2 HP x 0.7 makes the new pulley on the weaker but faster 3500RPM 5HP replacement motor about 35% of original diameter.
This monster even when derated to the 5HP motor will huff and puff and blow the house down. If it is ~20cfm @ 90psi (check specs) at its current RPM just derate the RPMs for the appropriate HP and compensate for the drive motor RPM with appropriatr reduction in drive pulley size. For the calc above still gives you mid teens cfm at 90psi+. Better than anything at homedpot for that kind of money. Get the specs and do a worst case 3HP calculation for yourself.
Even if you derate to 3HP it is still a monster for the money. If you have a local HF and TSC you should be gtg for single phase motor & pulleys. (many lower HP single phase motors have built in thermal overload so you wont need to muck with the heaters in the switch box just use the old ones as shunts). And at low RPM the pump will live forever.
Cheapest way to get a single phase motor is to find a broken/needs-work large compressor on CL - they appear once in a while. You will also see 3phase 5HP motors often from people doing conversions
I would avoid phase converters - for this type of currents big & expensive.
reducing the HP will also avoid dimming the lights on your 220V service, a 7HP single phase ideal motor would draw a lot of AMPs -> 7HP=746W/HP*7HP= 4522W@220V or 4522/220=20.5A sustained, never mind startup inrush and the fact that no motor is ideal (probably more like 30A running under load).