Definitely OT. But at last, a question in my wheelhouse, I was in the plastic recycling business in Pittsburgh for 20+ years.
"Are there any functional differences in capability other than just raw throughput and chute size?" Nope, that's it, but that's a BIG thing.
"Would 7.5HP have the power to granulate something as thick and tough as a plastic pallet?" No way in hell. First off, you'd have to cut it up (sawzall, big bandsaw) into bite-sized pieces to get a pallet into even a 15hp granulator (which is really small, typically used "press-side" at a molding plant). If you did that, sure, it would grind it, slowly.
You need to supply some basic info. Why are you grinding pallets? They are generally the dregs of the business, made out of who-knows-what (with some significant exceptions). If you are grinding plastic as a business, then you need to be looking at 75hp and up, just due to the labor involved and what it will work out to on a per pound basis to grind with a small machine. If you accumulate pallets as a part of another business, and think grinding them up is good idea, thing again. Like I said, one wrong type of plastic in the mix and your 1000 pound bag or box just became less than worthless.
There are plenty of companies around you in Ohio that do this professionally, talk to some of them. Send me a PM if you want and I'll suggest some.
Big shredders have supplanted granulators in this part of the grinding market, for good reason. Pallets are filthy, and granulator blades chip easily on the little rocks.
People used to ask me how I got in the plastic recycling business. I'd always say "bad luck", only a little tongue in cheek.
Jeff