From a sizing standpoint, you don't need to take the motor efficiency into account. The rated horsepower of a motor is expressed in terms of motor output power delivered to the shaft.
If motor will operate continuously at full load, I believe it is common practice to select motor approx 133% larger than required. This allows some margin for errors in the calculation or unexpected factors which may increase motor load. (better to get one a little to big than a little too small and have to run it overloaded). Also this means that if calculated load is correct, motor will be operating approx 75% - which is often the most efficient point (from motor standpoint) within the motor range.