Marie, why do these things happen when company's comming?? I think Dave's probably right about the pump's prognosis, however check the pump inlet and outlet for new leaks - running them dry sometimes heats the ports up enough to warp the threaded fittings, which can lead to air in the pump housing (or priming problems) or water dripping from the effluent fitting.
As for the 2 speed pump, ask the electrician if he knows how to do a 'single pole, double throw' - if he looks at you like you just asked him something in Manderin Chinese, don't let him wire it up - I don't have any experience with these, but I do know that it's SPDT that enables them to work properly. Good luck with your pump and guests!