Hi.....150 watts against 785 watts....... that is almost 5 times the HP rating.....should be heaps better.
I would adjust the pulleys to give you the 4,000 rpm you want at top rpm as the VFD can put out the torque when the rpm are lower......provided your VFD has the capacity for the new motor.........the AT1 single phase to 3 phase VFD on EBAY is rated at 2.2Kw or 3 HP.
Ian.