Keep in mind, my research has been based upon 115v/15a/1ph electric in my garage, if you have 220/1ph your results will differ.
If you check out the 'Bay or your local flea markets and craigslist, you can likely find a 1 or 1.5hp motor for cheap.
Pulleys and pillow blocks will likely run you near $200 when bought new, induce some power loss as well as being not as smooth as a direct drive.
If you are getting a vfd (many would suggest it), you have at least three main options.
You can find a NEMA 1 insulated one for $150 ish if you shop around, but you will want a NEMA 4 case ($50 +/-) to house it, the can also be found on the 'bay.
If want a NEMA 4 rated vfd, you will likely be spending $280 (kbac-24d, 1hp) or $360 (kbac-27d, 1.5hp).
The kbac-27d will act as a phase converter allowing for the usage of a 230v/3ph motor when supplied with 115v/15a electric and up to 2hp when fed with 220v.
--------
Congrats on your purchase, I was about dead set on one of these, but I got to talking with Jose from Pheer and managed to get a 427 with a 1.5hp/kbac-27d in my price range.
Please keep in mind when shopping from OBM, the only difference between the higher priced yellow (with Al wheels) and the black grinder (aside from looks/tension arm) is added machining to make it easier to ship internationally, and due to the extra machining, it costs more.
Edit to add:
-Due to budget constraints, scour your local metal recycling centers and scrap yards for a drill press with a cooked motor for a set of pulleys, just make sure the shaft diameters match.
-Shop around (especially craigslist and the flea markets) and ASK everyone you see with machine parts about used but good condition motors in your voltage/hp range.
-Check you local paper (wanted ads, selling machinery) or call around and see if anyone knows of any machine shops that are closing up shop and take a swing by their place, don't call, see how personable the proprietor is and see if you can purchase old parts, or anything he may have to help.
Again, Congrats and keep us informed!