OP - research the compressor pump and figure out what size single phase motor it'll take to spin it (amp draw is key, get it wrong and you'll burn up a motor), and what else is needed to make it run. Then make up your mind.
I'm going through this exact process. If you're mechanically inclined and have a brain you'll figure it out. Just have to research the **** out of it. There are some smart guys answering this post, need to figure out who they are and read what they say, others are just people trying to help but really don't know. Again, up to you to figure out. Most importantly. YOU need to research it and understand the questions your asking, don't rely on the opinions of strangers. When you understand it better you can come back to this post and know which posts matter and which don't.
I can offer this much - if 7.5 hp will do, $650 for motor. If 10 hp, $1000 for motor. Get 1750 rpm, not 3450 rpm. Magnetic starter - $150 (you'll need it). A lot more, but this is a start.
If more that 10 hp is needed....might want to bail. You won't know until you research the compressor pump and find out what it'll take to spin it at the appropriate speed, and the hp/amps needed to achieve that.