The consequent pole motor in your motor is a constant torque device at 60 Hz and below, just like a VFD. Your motor makes 4.57 ft-lb of maximum torque, and since horsepower = (torque * rpm)/5252, having the same torque at twice the RPM equals twice the horsepower. That is why the spec plate on the motor lists exactly half the horsepower at 900 rpm as it does at 1800 rpm. Running the motor in high speed (4 pole) mode at 60 Hz will give you 1.5 hp at 1800 rpm, and at 30 Hz will give you 3/4 hp at 900 rpm, exactly as if you had the motor wired to run using all consequent poles at 60 Hz. Note that the VFD is a constant horsepower device above line frequency and line voltage, so if you wired your motor low speed and gave it 120 Hz, it will still make 3/4 hp as you would need twice the line voltage (480 volts) to make 1 1/2 hp in low speed mode. That is why wiring the motor in high speed mode and reducing the frequency is the way to go.
Note that some consequent pole motors are constant horsepower- you would wire those up low speed and then increase the frequency to 120 Hz for high speed mode rather than wiring them up high speed and decreasing the frequency for low speed mode. Doing that would preserve the greater low-speed torque/power of the motor.