V-Green motors are now virtually "Unobtanium." If you can obtain the V-Green 165, you would be very happy with it, but Century has superseded the V-Greens with the EVO line. Too new for any kind of recommendation, other than Century makes good stuff.
Hayward TriStar VSP - +/- $1600.00. Entire pump, seems to be readily available (as opposed to other brands which are hard to get).
Neptune 1.65 motor (appears to be the same horsepower as the existing 3210z1M motor) - +/- $600.00. Even the 2.7, which will work is about the same price.
Century EVO 2.25 - +/- $550.00 Larger max horsepower, but that is not a problem. Could replace impeller with a 1.5hp and slow the motor down even further to save energy. $40.00 +/- with impeller screw at PoolZoom (least expensive impeller I've seen in a long time). I have bought from them on occasion with no issues.
Also need TriStar shaft seal and gasket kit - +/- $40.00. Available many places.
Get the advantage of a new VSP and save nearly $1000.00. My only caveat; nothing is as good as new except new, but that shouldn't stop you in this case.