Hi all - I know it's been just about forever since I last responded on this thread but long story short, I wanted to get a real electrician in to help me and that took time (holidays + life). I finally got a great electrician and he helped me get back on line. I bought a motor (Marathon 1.5 HP 240/120) from Grainger and today I finally got it wired up. I'm running 240V now and the mill is purring like a kitten.
For the record, the electrician told me the old motor was shot and switching it over to 240V would only have prolonged the death march. I hated spending the $$ on a new motor but now that it's behind me, the new setup should last as long as I do and I'm very happy.
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Thanks to all for your responses and support. Hope I can return the favor some day!