GH, what is the HP of your single phase replacement motor? Your NEMA size 00 starter is only rated for up to 1 HP on 240V. Assuming you are ok there, you may have to install different heater coils to match the full load amp rating of your motor. The E48 coils on your starter are rated for 5.62 to 5.91 FLA. http://www.southlandelectrical.com/FurnasHeaterChart.asp If you need new heaters, Southland Electric can provide them for you.
Greg
Greg