"There don't seem to be any pully and looked to be a direct drive of the lower wheel."
As Bob says you must stick with the 6 pole motor which has 940 rpm load speed (this is 50hz X 60 seconds divided by 6 (poles) minus a few revs for what is called slippage) - fit a 4 pole motor and the blade will go 50% faster as the motor revs is 1500 rpm less the slippage. That WOULD be dangerous to you and the machine.
This is why I would pursue the motor re-wire option. By all means see if you can get a 6 pole motor but they are not so common now as the number of poles (2, 4, 6, even eight) was a mechanism in the past to get 3000 rpm, 1500rpm, 1000rpm, etc. Now this is done electronically. You have been warned of the pitfalls of motor change, now you will need to add to that the fact that your lower wheel will need to be bushed or machined out to take a metric shaft.
In all reality I would really suggest that if you have been mislead in the sale, I would use that as an opt out unless you want to get yourself rather heavily involved in either the mechanics of fitting another motor or the hassle of a re-wire and setting up an inverter.
Thinks ....actually there is another solution that hasn't been mentioned and that is to go for a 440v inverter - more expensive but it then is just straight wire into the motor. This certainly will be the quickest and possibly the cheapest solution - I think for a 1 hp motor the inverters come in under £250 which is better than re-wiring the motor from Star to Delta plus a 240v inverter, and although you might get a single phase motor inside that price, all the mechanical problems would well take that over £250, and that isn't taking your time into account.
Come back if this makes sense and we'll explore it further.
Rob