Well, i did EXACTLY this to EXACTLY the same compressor so i should probably start.
Considering its a quincy, you don't want a crappy 5hp motor. I purchased a baldor 5hp off ebay nrand new shipped was like almost $650
I called quincy, told them my plans and they sized the new pulley on the motor for me (smaller to ease the load on the now less 2.5hp motor. i ordered the pulley with the part number quincy gave me from a quincy dealer 15 min from my house for about $30. I bought a new belt at tractor supply for about $20. Bought a new mag starter off ebay for about $150.
Not including the compressor i won at auction. Just to get the compressor running cost me about $850 after the dust settled.
I got the deal of several lifetimes on a huge lot of quincy compressors and parts last spring. Once i sold off all the stuff, i actually kept my qt7.5 and have made my money back from the auction, and the money i spent to get it up and running.
I still have two $2,000 mag starters, and a like new 3 phase baldor motor with pulley and sheave i cant seem to sell for pennies on the original costs of these things.
I had a thread i started when i won the auction. Look my name up and search for threads i started. I STOLE that auction.
Lemme know if you have any other questions or private message me if i can help. I got tons of pics somewhere.
I should add that your minimum motor size is 5hp. 7.5 in single phase is very expensive and the mag starter/brakers/wiring will cost you way more. Stay at 5hp.
Also, unless fudged by a previous owner, the machine is most definately standard with a 7.5 hp 3 phase baldor motor.
If you asked me how much you should pay for the compressor, considering you can order the same thing from quincy NEW with 5 hp motor for like $2,500. I'd tell you not to spend over $800-1000 unless you know the compressor is MINT.
I took the head off mine to check the cylinders prior to spending the $850 to get it running. Mine were perfect. Oh, the pressed graphite gasket set and one can of quincy new blue were VERY expensive. Head gasket kit was like $120, and one can of paint was $32 plus shipping off some guy online.
Good luck.