=> Can you use the Intermatic P1353ME?
+ Yes, electrically, you can. I'm not sure if it will pass code or not, though.

=> Should you use the P1353ME?
+ It wouldn't be my first choice. One of the benefits of a 2-speed pool pump, over a variable speed pump is the fact that there are no electronics. Pool gear is more exposed to lightning and other stray currents than most household gear, and electronic controls -- unless Mil-Spec type hardening is included -- are generally MUCH more susceptible to stray currents then electromechanical controls. The replacement part cost for the electronics on a variable speed pump is so high, if you lose the electronics, you might as well toss the pump and buy a new one. But, there are two other issues, besides the vulnerability of a electronic timer, compared to an electro-mechanical one.

I'll try to add to this, later this morning.