OK. I've actually found a replacement compressor (TECUMSEH AEA4440YXA) in the states and can have it shipped down here for about $100.
I think I may install the new compressor in the refrigerator and see how it sounds. If it still too loud, we can re-adress relocating it (about 10 feet).
Do you recommend swapping out the coils/condenser as well?
Thanks Tyler. Feel much better about making the purchase.