Actually, for 2-speed pumps, the GPM drops to half of the original value since GPM is proportional to RPM which also drops by half. The turnover doubles but the current draw is much less than half so the overall efficiency goes up. Also, head is proportional to square of the GPM so head is 1/4 of the original head.
However, there is only a minor cost advantage, ~10%, of a 1HP at low speed compared to a 3/4 HP at full speed.
I ran a few head calcs for a similar pool (I can't be exact without knowing all the pumbing) and using Northstar pump curves:
3/4 HP = 73 GPM @ 50' head - 231 kwh / month for 1 turnover
1 HP = 82 GPM @ 63 ' head - 300 kwh / month for 1 turnover
1 HP @ 1/2 speed = 41 GPM @ 16' head - 205 kwh / month for 1 turnover
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