Definitely not the original motor. Maybe it came out of a forklift or something like that? Without being able to see the data plate on the motor, it's impossible to tell what your options are for an electronic DC drive. As mentioned before, DC controllers for a 3HP-ish DC motor start at around $160; you'll spend way more than that on an AC motor and VFD.
Given what you've got, a VFD may be your only option. If you go that way, get the biggest motor that will physically fit without carving up the base. Used 3-phase motors go for $10 per HP down here. Ideally you want an "inverter duty" motor, which has insulation that can take the switching transients that a VFD puts out. If you get a non-inverter duty motor, you should install an
AC line reactor between the VFD and the motor. I would keep the stepped pulley setup and see how it works for you, since it will give you two speed ranges to choose from. In general, a 10HP-ish VFD that runs from single-phase power is fairly pricey. A
10HP, 3-phase-input VFD from factorymation is about $550; I don't know if they even carry single-phase VFDs that big. Some 3-phase VFDs will run from single-phase, but it's not ideal. The are some Chinese VFDs on eBay, starting at about $220, if you're feeling lucky.
220V, 60A is plenty of power.