Rationale for measuring power consumption
First of all, thanks for the insights guys. I don't like what you have to say, but that's life, I guess :) Shame on me for not doing more research before buying.
Fortunately, the dust collector is set up 4 feet from a breaker, so it should be reasonable to have an electrician add another circuit.
The reason I wanted to measure the current was just to see precisely how much it's consuming...under the theory a speed control would work. Apparently, it won't :( Oh well, I'm out $35 if I can't find another use for the speed throttler. I'd like to use it on my home-center grade Porter Cable stationary sander, but I'm not sure if it's an induction motor (it's hidden in the casing).
If a speed control worked, I could tune it to 14a or so w/o trial and error of seeing if the iVac switch breaker flips.
Swapping out the engine seems complicated. It's a good thing this is a hobby and not something I need to do to earn a living, so I can have long delays.
Veering off course...
It's ironic that I went with 2HP HF because it was like $100 cheaper than the next cheapest 1.5HP, but more powerful than their 1HP mini dust collector, which just couldn't handle an omnijig. I will end up spending a few hundred dollars getting this working. I had to buy a UPS for the router, cable modem, and home server, which is on the same circuit (Comcast installs internet, phone, and AV equipment in the basement) because it flipped the breaker a few times and angered the Mrs who was working from home when it took 45 minutes to get the internet connection back up. I am out $35 for the damaged cheapo iSocket switch, out $45 for the 15a rated iVac switch...which I can probably easily find a use for...and now I am either hiring an electrician or spending a few hundred on the 20a rated wireless iVacPro auto-switch with the hope the tool + DC doesn't consume the total 20a needed to overload the breaker....or installing a 2nd motor...because the HF was too powerful!
Lesson learned. Check tool ratings. I guess don't take electricity for granted either?...don't just assume you can plug something in an it'll work.