Am I in trouble

I was doing a little shopping at work, killing time before I get home to tear apart and troubleshoot my motor....Checking pricing, If it is the pump motor, it could run me between $300.00 and $375.00 for 3/4hp replacement motor and various parts from INYO. I can purchase a Pureline 1hp/2-spd pump motor/pump for $225.00....:brickwall:
 
and $375.00 for 3/4hp replacement motor and various parts from INYO.
That would require an impeller change. Is that what you were planning?

I can purchase a Pureline 1hp/2-spd pump motor/pump for $225.00....:brickwall:

Any of the options you are exploring will work for your pool.

Replacing just the motor will save some time in installation and won't require any plumbing changes.

However, given you are in CA, long term a VS pump is probably going to save some in energy costs although it won't be a lot more than a two speed. Low speed of a two speed pump will save about 75% in energy costs while a VS will save close to 90%.
 
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