I have replaced the motor on my Ultraflow pump. The replacement motor I selected is the AO Smith B2982 two speed high efficiency motor (1hp, 1.65 SF). This motor consumes ~1.4 amps in low speed.

I replaced the seal and o-rings, too.

AO Smith has some information on these high efficiency motors at http://www.aosmithmotors.com/Products/E-Plus/2949.pdf.

I ended up using a SPDT toggle switch mounted in a weather proof box attached to the motor housing. The toggle switch and boot was purchased from Grangier for ~$5, and the remaining electrical parts from Lowes for ~$10.

By my estimates, I will save enough in electricity cost to completely pay for this motor in one season.