It's preferable to use a 1725-1750 rpm motor over 3450 +/- rpm motor so you don't have to utilize such a small drive pulley to achieve your desired rpm, which can cause the drive pulley to lose sufficient contact with the drive belt creating slippage. That scenario may cause you to overtighten the belt creating an overload on the motor and pump bearings.
The Quincy 310 pump has a minimum rpm of 400 (1HP) to a max of 920 (3HP). The 310 has a pulley diameter of 14", so say you want to be on the safe side and run the pump @ 900 rpm, you would need a 7.3" drive pulley with a 1725 rpm motor vs. a 3.7" with a 3450 rpm motor. Except for the Quincy (branded) compressors you can buy at the big box stores, you won't find a 3450 rpm motor driving a OEM Quincy compressor.
The minimum 'Arc Of Contact' between the drive belt and pulley is 120°. Here is a link to a article regarding 'Arc of Contact & Avoiding Slippage'...
http://web.fscj.edu/Mark.Bowman/handouts/Arc Of Contact.pdf
BTW, since the pump is rated 1-3 HP, there is no need or benefit from using a 5 HP motor...kind'a like putting an LS-3 in a golf cart...not saying it's wrong...just overkill!