Oh wow, there's going to be some SERIOUS kick-down when that motor starts. What's the locked-rotor current for that motor?

This is a textbook case where you're probably better off stepping up to a higher voltage and stepping back down. Any chance of getting your service at 480V and using a 480V motor? This will eliminate the need for two 72kVA transformers. You can throw on a small transformer for the 120V loads, and come out WAY ahead in copper.