Yes, the variable speed controller allows you to virtually size the pump to the job. This is what makes a VS very flexible. However, it does have a limit to the amount of flow rate it can produce.
On full speed the EcoStar is the equivalent of a 2.5 HP Up Rated TriStar Pump. So the Ecostar will produce a bit more flow rate than your current pump on full speed. Most of the other VS pumps produce about the same flow rate so going with another VS probably won't help you much.
I might be able to help you better if you can give me some more details about your set up:
What size pipe do you have for the spa both suction and return?
What is the distance between the spa and the pump?
How many jets do you have and what is the orifice size of the jet (not the eyeball)?
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