Need help wiring a new pigtail and motor on compressor

Hi All,
I just picked up a Rol-Air industrial compressor, There is no model number that I can find on it, but it was build in 1977, Its a 1 1/2 hp with a 20gal? tank.
My problem is the motor was bad, and there was no "pigtail" cord on it, so I bought a New Baldor 3 Phase 1HP 1725RPM Industrial Motor model BM3116T. The problem is I have an old pigtail from a dryer I was going to use, it has 3 wires and the plug in looks like this
L Only the "L" is backwards.
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Now my question is there are 4 screws where it hooks up. They are "Line" "Load" "Load" "Line". Now what wire hooks up where for both the pigtail and for the motor? And do I need a newer pigtail with the 4 wire? or is the 3 wired pigtail fine?

Compressor looks like this

Thanks
Tim

yes 3 phase, and not really for a shop, just need something to paint with

i may not be the sharpest knife in the drawer but i wired my own shop and it doesnt have 3 phase. 3 phase requies 3 hot lines in from the utility ie 600 volt . bodyshops run 3 phase because of high amp requirements of large electical motors 10hp or more that run the big compressors.
my house only has 2 phase power or 220 into it with a 120 amp service no way i can get 3 phase without running more in.
my big compressor in y shop is a ch uprght with a 3.5 hp motor no 3 phase.
check the motor out some are convertible to 2 phase

Thanks, that seems to be the answer I am getting from a few. That the 3 phase won't work. If thats the issue well then I am out some money as I bought it online and there is a no retunr policy unless item is defective or DOA.

So anyone want to trade an old working 1 or 1 1/5 hp 110/220 motor for a brand new still wrapped industrial motor?
http://www.baldor.com/products/detai...s%5FBrakeMotor

Thanks for the info guys
Tim

before you go and sell it maybe check out if it is convertable to lower voltage or not. check with a electrical motor shop to see . i was looking at the specs and they have the same 208-230-460 as the motors in my catalog . sometimes there is a schematic on the motor or behind the wiring panel that might show you how to wire it to std 220. its worth it to check it out.