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Location: Wapakoneta, OH
It's not just HP, the size of the impeller has a lot to do with the air flow gain. I'm guessing the 2 HP has a 12" impeller and the 1.5 has an 11". For me I'd want the larger impeller. More air flow equals better DC function.
I started with absolutely nothing. Now, thanks to years of hard work, careful planning, and perseverance, I find I still have most of it left.
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I have a Delta dust collector that is 1 1/2 HP if wired 110 and it is a 2 horse if wired 220. Mine was wired 110 and I left it that way. The outlet is is controlled by a switch. Actually it is controlled by two 3 way switch's. There are two 4 inch connections at the collector and I ran 4 inch hoses to both my 8 inch jointer and my 3HP saw. My old saw was a General 350 and now my saw is a Saw Stop.
I can turn on the dust collector at either jointer or saw and shut it off at either machine. I do not have blast gates on either and I have been operating it this way for over 25 years If it didn't work well I would have changed it.
Usually a 2 HP machine is wired 220 so it could be a determining factor on what you buy. The 1 1/2 will work just fine for you.
Tom