It isn't that the two motors are close. That is not what I meant. The 3 HP can hand a load that is close to twice that of the 1.5 HP. But that is irrelevant. Your last motor has a THP of 2.5. The 1.5 HP EZ has a THP of 2.4 or about 96% lower load than the original motor. But since the EZ is variable and the load on the motor is proportional to the cube of RPM, you only need to reduce the RPM by 1.3% to get a load reduction of 4%. So the target RPM needs to be 3400 or less.
However, my guess is that your original motor was probably not at full load anyway so it would not surprise me if you could run at full speed with the EZ without any issues. Motors tend to be rated lower than what they can actually support and this is especially true of pump motors.