Turkey-salad swarf?
Carving turkey with a chainsaw... hmmm... well, if you used peanut oil instead of bar oil...
I put that note in 'cause the Erie drive did essentially that, and while there're some noise truck trannies out there, a clever guy with some toothpaste and shim-stock and thick oil could make that rock-crusher pretty smooth, especially when run at only a small fraction of it's power rating... but it was simply a possibility.
Scoot- Tom's suggestion of making a bushing to do the adaptation would be the best, with only one problem- you'd need a second lathe available to make the parts. Alas, the reason for having more than one lathe is felt.
Running a 3hp rather than 5hp... power availability- if it's the utility service that's limited, the best way would simply to set some of the VFD's parameters so as to not overload the circuit. If it's a VFD limitation, my personal choice would be to build the drive to the greatest amount of HP expected (like 7.5 or 10) and program the VFD to limit out at the VFD's capacity. For what it's worth, I don't belive there's anything wrong with mismatching VFD power to motor power, provided you set the drive's performance parameters accordingly, and don't overload one of the other.
As for getting reasonable drive power at the spindle, you'll want to figure out how much spindle POWER you'll need- i.e. if you're cutting hard stuff set on a large OD using carbide... you'll need more power than using HSS at slower speeds... blah blah blah...
But machining the gear, motor, and bushing... is a somewhat different story.... you could turn down the motor shaft, and make room for a thicker bushing... as Tom noted, the keyway clearance needn't be part OF the bushing... it merely needs to accomodate it.