At 3/4 HP it's a toss up as to power. 1 HP or more is best on 240v, mainly to avoid overheating the supply lines in your house/garage and/or tripping a breaker. There might be a slight temp reduction of the motor itself, only as a result of less voltage drop in the supply lines therefore more voltage available at the motor making it operate slightly more efficiently. The switch may last longer with less current also.
Also, you don't "make a neutral" from a hot. If you mean that you are deriving 120v from the 240 input plug/cord then you take either of the two incoming hot leads and the neutral giving 120v between them, plus the ground to the chassis making a 3-wire connection.
It shouldn't matter which of the two hot leads you choose, unless there is something unusual about the way your house breakers are configured (for example, a 240 volt outlet where only one of the two hots is run through a breaker and the other one not, or breakers of two different ratings for the two hots)
-mark