Something else to keep in mind, HP is a measure of Power, power being an established amount of work done over time. A 1/2 HP motor running at 3450 is the same power output as a motor running 1750 at 1/2 HP. Torque is what you want in our particular application. The most torque will come from the lower rpm motor. A 3450 rpm motor is still capable of doing the same job , but you'll need a lot more reduction. 8:1 one would be a great starting point for your motor, problem is, you'll need a 2" sheave, and a 16" sheave. A double reduction will result in another 10 to 15% loss in conversion. With a positive displacement pump, speed is almost not a factor in the amount of pressure it can output. I don't know what the SBC pump's efficiency is, but I'm betting it wouldn't be less than 80%. With that said, I'll bet that pump can output the 1GPM needed to drive the fuge at around 150 to 250RPM. when I hooked my PS pump up to the fuge with no bypass it only took 150 200 rpm to feed it with the needed 85 psi. That was with a Black and Decker cordless drill in low speed with its max no load speed being 450 RPM.
Also I'm no pump expert, but I don't see why a PS pump can't draw from the top of the drum, prime it first and see what happens, it may need priming, but that goes for the SBC as well. I know the SBC may hold prime on the backside a LOT better than a PS pump, but again, my experience is lacking.