Get the 2 speed; run it on low speed all the time. Run it on high, when you're cleaning or backwashing. You won't need a timer for that.
I'm assuming your pool is an AG, so the pump is below water level and you don't have to worry about the pump losing prime. That's the main reason for a two clock timer. There's hardly ANY difference between the two pumps. If you check the chart below, you can see there's only about a 5% difference in flow.
Power Flo pump page
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