I have been running a phase converter for at least a decade and have built 2 of them for others. I have used them with many different types of equipment (saws, mill, lathe, 2 post lift). In my experience you will be far better served, on an air compressor, swapping out the motor. On compressors it is easy, there is lots of flexibility, just need a motor with a base that fits the grooves on the compressors base plate. Also, since a compressor is on and off a lot the PC has to run all the time. It may not be a huge deal power consumption wise have the PC running at 3 or 4 amps at idle all day long, but it gets annoying! Swapping the motors is probably cheaper up front as well. You can also look at the pumps speed and out put and adjust to your needs by putting in a 5 horse if you don’t really need the 7.5.