VermontPE,
I think that your answer lies within the posts by Marke, CJCPE and myself (to a lesser extent) for a very workable solution. As CJCPE pointed out, newer energy efficient motors are going to be a vast improvement over the horrible numbers you posted. 80% eff at 1/2 load is terrible. So terrible in fact, that you may very well qualify for an efficiency upgrade rebate form your local utility. It is worth checking into. It means changing out the motors, but that then provides you with an opportunity to make sure you get 12 lead motors so that they are capable of being connected in Star as Marke mentioned.
What he is suggesting is essentially using a Star-Delta (aka Wye-Delta) controller, and instead of letting it start in Star and run in Delta, you actually do it the other way around. That will mean that your 10HP motor will be reduced to about 3.33HP, but you already know that will work. Also important is the fact that it will still run at the same speed so your fines will not settle and increase the load, as they likely would with a 2 speed motor or VFD. Then if your power factor is still poor (although it probably won't be in this scenario), just add PFC caps as well and correct it to the utility line so that they don't penalize you.
Check with your utility to see if they offer any rebates based on the Federal Dept. of Energy "Motor Challenge" program for upgrading to energy efficient desgns. Here is a link to their website for more information
http://www.oit.doe.gov/bestpractices/motors/] DOE ITP program link [/url] In fact, I even stumbled across this old rebate form that appears to have been valid for Vermont. It has expired, but perhaps you can give them a call and se if anything else is available.
New England motor rebate form
Even if your utility doesn't do it officially, approach them with the concept and they may be willing to contribute. And still, even without rebates, the energy savings alone will likely have a very attractive payback. Several of the major motor manufacturers offer free payback calculator programs that can put hard numbers to that concept.
Good luck.
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