I have that same pump, just bought used on CL. To my untrained eye, it apprears more efficient as its impeller housing is much larger in diameter. Even though it is 1 hp it seems to move much more water than my old hayward. It moves a comparable amount on low speed.

If you are handy at all, just replace the bearings and seal and you will be as good as new. There are videos on line to show how to do it. Or, you could take the already given advice and go to a 2 speed.