Lots of replies answering his question, but could I break the trend and suggest that you may face challenges if you use a 3/4hp motor for a 3" wide sanding belt?
Further, sanding and linishing (an abrasive machining process) generally requires a high surface speed to be effective. Thus, speed control downwards from a motor's synchronous speed, even if a two pole motor is used, may not be necessary.
Simply put, you want the belt to whizz along powerfully, not crawl along, slowing down as soon as you try to sharpen a pencil on it.
So you need to start with the surface speed you need, see what diameter drive pulley you will use and select a motor rpm to give that surface speed. Then look at what motor is required to produce the necessary torque at that rpm.
To me, the 3/4hp seems way underpowered.