The SQS1102R is a full rated 1 HP and larger than you need. You need a 1 HP up rated motor (UQS1102R) OR a 3/4 HP full rated motor (SQS1072R) which have an identical 1.25 THP rating.
Yes, you could just get a single speed and run it shorter to save energy but a two speed will save more over the life of the pump and motor. To control a two speed, you can use a manual switch or a two speed timer. Which option you go with depends on how much money you want to spend up front but no matter what, you will make that money back with energy savings.
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