Underfiling (also called backfiling) will only give you short term head increases and is therefore only a short term fix. Pump companies will sometimes do that to the new impeller to help it pass it's performance test especially when using HI "A" criteria. Underfiling makes the vanes very sharp - almost like a knife edge. But like everything in life, nothing is free. As the pump operates, you will notice that the head will drop back to what it "should" be as the vanes become more dull.
You could put a 100hp motor on the pump and still get no more out of it if you don't change the impeller. A 10hp motor shouldn't cost you but a couple hundred dollars or so - depending on the specs.
So, what's cheaper? Changing the pipe to a larger size or purchasing a totally new pump? Given that it's a 7.5hp pump, I would venture a guess to say that buying a new pump will be cheaper. Like other people suggestes, at the least, you should consider a larger impeller if possible. You would have to pay for a new impeller, a new motor, and probably a few gaskets. Don't forget the labor to take the pump apart, remove the old impeller, put the new impeller one, and put the pump back together. You're probably looking at around $800 to do all of that.
Tim S.