First of all there is a common misconception on what is a two speed motor on a Bridgy.
Some people see 240 / 440 on the plate and assume it's two speed.
Secondly and not helped at all by Bridgeport is they used a number of different legend plates.
Some say 1 – 0 – 2
Some say H – 0 – L
Some say l – 0 – ll
Some say F – 0 – R
Regardless these are all single speed motors and only the last one has the right meaning.
The proper two speed motor has 5 positions and from memory, I can't remember what the different legends are. [ I blame the aluminium sausepans we had as a kid ]
Motors with 3 position switches can be run off anything, phase converter, vfd, or rotary.
Motors with the 5 position switch can only be run off phase converters, or anything that can produce a 440v input.
There are some VFD's sold nowdays that can do this but they are just butchered single phase jobbies with bits added and don't come under any CE or regs so be careful.
Chris also doesn't say if it's the varispeed or step speed but I suspect it's the step speed. It's perfectly possible to fit a metric framed motor to one but it needs a mounting plate [ may have one – would need to check ] but it also requires work on the motor. It is possible to bore the pulley to take the larger metric shaft on the new motor but the shaft isn't that long and there is a lot unsupported given you have to subtract the conversion plate which is usually 8mm.
A 2 HP motor is on a 90L frame and a 24mm shaft 50mm long so the most you have inside a 52mm long pulley is 42mm
A 3 HP is on a 100L frame and a 28mm shaft 60mm long so that is 52mm max.
However the pulley doesn't fit right up to the top to get the belts to line up so in my book making the pulley fit the motor isn't good engineering.
I much prefer to modify the motor to take a standard pulley. You also get a chance to uprate the motor to something better than the original but in excess of 3HP is wasted as the Bridgy bends.