A bit surprising, although I have seen a number of posts with a similar finish issue with the single phase G4003G, just haven't heard of it with the 1340GT. In addition to belt/pulley issues, I am wondering if there is a problem with the motor run capacitor if this would cause a problem? You could do a 3 phase motor with an RPC, cost wise it would be similar to a VFD with a single relay setup. The latter requires rewiring the control system. There are a number of different options.
If going to a 3 phase motor, there are a very limited number of 2Hp 3 phase motors that will fit, and they all require some redrilling of the mounting holes motor/mount to fit and a different pulley (or bore the stock one to 7/8"). These motors are all TENV, these are ones that others have used Marathon E467, Y551, Y526. The Y551 and Y526 have a small encoder shaft on the back of the motor that needs to be cut off. The motors come up on eBay occasionally, and I have seen the Y551 (145THTN6046) new, go for as little as $100 plus shipping,
https://www.mrosupply.com/ac-motors/severe-duty-motors/2270020_e467_marathon-electric/
https://www.mrosupply.com/ac-motors/inverter-vector-motors/2270267_y551_marathon-electric/