Question:  Would a more powerful motor be more economical over a 
period of years?
  Would a 1 hp motor run more economically in electricity use as to pay 
for the price difference over  period of a few year?

The short answer is no it would cost more to run as the idle power to 
run the motor is higher than the smaller motor. The only exception is DC 
motors it would be almost equal for each motor as DC motors are more 
efficient than AC motors.
-- 
Harper's Honey Farm
Charles Harper
421 Louveteau Rd.
Carencro, LA 70520
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(337) 298 6261

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