If you try to use a 2HP motor on a 3HP compressor, you will have to slow the compressor down to about 7-800 RPM instead of 1020, because at slower speeds compressors use less HP. This will require new pulleys on both the motor and compressor, since the motor speeds are different, and you have to change the compressor speed. Sounds like this will be a pain and add expense, so I would keep looking for a 3HP, 3500 RPM, 230V, single phase motor.
A 1750 RPM motor will last longer than a 3500 RPM one and run quieter as well. Just like with a compressor, slower equals longer life and is better.