I would seriously be looking at a 3 phase motor and a vfd.
This would give you variable speed, soft starts, braking, reverse, etc. One thing good about being a machine tool owner is we get to learn all sorts of things. Looks like you are about to start learning about electric motors.
You could probably find a used 3 phase cheap, and shop around for a vfd. Probably find a lot of info here on the Zone.
Maybe a 1220XL owner will be here soon.
Is this your machine, I found a manual and it says the 1220 XL uses a 3/4 hp. 110v motor. If it's not some special frame motor, you could probably buy 3 or 4 of these for $370.