You might be able to source a 2HP Chinese capacitor start motor from Grizzly that would be a drop in replacement. Otherwise, most US motors will be a slightly different size, mounting style, shaft diameter. 48 and 56 frame US motors would probably fit the bill; 48 frame is thinner and better for tight spots.
Changing to a VFD is more costly, would require bypassing most of the current control box and entails the same host of motor mechanical issues, so do some research first before spending your hard-earned ducats.
-Mark
PS can the existing motor be repaired? If the windings are not roasted it should be salvageable, perhaps with a few new parts (capacitor, bearings)