Dunno what it cost, but presume the outlay, thus far, is minimal. That said, if the pump works to design (pressure and output) it will be worth modifying. That pump may well be rather superior to the current crop of cheap pumps on the market wrt to longevity. Likely claimed as less efficient than a modern pump, therefore old-fashioned, by those selling the modern ‘buzz-boxes’. My compressor is, by appearance, much older than that unit – and I have no intention of changing my old cast iron pump!
I see lots of dead compressors, or cheap unpopular machines. So I would obtain one of those, with the applicable parts, to convert the machine to the more usual operational specifications.
As stated earlier, if the compressor will only be needed to restart just a few times per hour, the motor would likely be OK. If one has space another possibility is to increase the reservoir capacity (another receiver in the system and just switch it off when fully charged.
Do carry out a hydraulic pressure test on the receiver. They are unlikely to fail, but they only fail once.