I love my Hitachi M12 it has great speed control and is quiet. One good thing is the lower speed is 8000 when most others are 10k
It is rated at 2 1/4HP I think but that would be at 20,000 RPM. It is fairly loud at that speed and I doubt it life span would be that long. I run mine at 8 and 10k and it has lasted for years but it is still a brushed motor running at 10,000 RPM. It does not have reverse.
You can sometimes get them for $99.00 on sale it is still a fairly good power source and it is built better than the stock motors but if you ran at 60% of full speed for longer life it would only give you about 1.4 or so HP so not much of a move up. The larger routers might be a better choice but they are all closer to $200 and many don't have speed control and none have reverse.
I saw this one on ebay today.
Johnson Continuous Duty Motor Treadmill JM02 001 100VDC 3 2HP JM02001 Matrix | eBay
I'm keeping a eye out for a bigger one for the Weiss 30.
It might be a little big for the 704
youtube videos of the G0704 under the name arizonavideo99