If there's any way to do it, forget steps downs and rpms.
Since you're going from the ground up, listen to everyone above, and I'll put in my $.02 as well and 13 years of grinding:
2 hp.
Variable speed.
Variable speed.
Variable speed.
A decent VFD is not much over 100 bucks, and what you will save in safety, belts, control and making better knives will pay for it in only a short time.