Here is an example of a 120 volt input 1/2 hp drive.  You can probably find one cheaper.  I would definitely put a VFD on it.  Nothing like variable speed via a potentiometer and electric braking.
http://www.ebay.com/itm/Variable-Frequency-Drive-VFD-0-5-HP-120-or-240-Volt-Single-Phase-Input-/350699686623?pt=LH_DefaultDomain_0&hash=item51a7548adf
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