The motor is a 120VAC, and it’s fine. It’s got the correct cap and the cap is fine. It has a really fantastic impeller upgrade and it beats any dust collector of its size on the market. It actually creates more suction than the hose should even be exposed to.
That it does moderately extends the startup time due to the extra inertia but that’s only a prob for the cheap breaker they put on the iVac switch (which doesn’t need to be there). That one will trip far too quickly for startup.
It does not need the external iVac contactor and won’t really benefit from it. The switch that’s there has like two 30A relays in parallel on the original iVac switch by itself IIRC so it’s fine, there’s no shortage of switching capacity there.
The upgrade on top of that would be to build one out with the 208v 3-ph motor and VFD, which can do some really neat stuff and could produce regulated static pressure to any number of tools. I’ve collected the motor, housing, impeller, and VFD for that. It needs a somewhat difficult shaft adapter machined though, and ultimately a small external static pressure circuit but that’s not essential.