Burgie:
"Remember Ohm's Law...double the voltage and half the current..."
I've been out of college for over 40 years but didn't we learn that "power" is measured in Watts and it's power that the utility companies are selling, not voltage or current?
In that case, would converting the motor voltage from 120 to 240 make any difference?
Inside the motor it does not matter. The motor will draw same power regardless of hooked for high voltage or low voltage.
On the Line feeding the motor by going to the higher voltage and lower current you can reduce conductor, starting relay, and overload protection size. Of course going from 120 to 240 adds another conductor so if a long run what you save costwise on "smaller components" may get eaten up by added conductor cost. There may be some savings from reduced I2R loss in conductors but when you figure you dropped a conductor size or two it may come out to a wash.
Dan Bentler