What are the pros and cons of submersible pump vs. compressor pump?

• Diviner mentioned water table 250- 300 ft.
• Borewell depth = 500 feet.
• Dia. 6.5 inch.
• Strata weathered rock.
• During drilling no water seen.
• 1 day, water column height was 112 ft, 3 days: 156.5 ft, 4 days:192 ft, and 5 days: 220 ft.

We would be happy to get 750 liters per shift x 2 shifts per day.

1) Can I go for a submersible pump with automatic cutoff to prevent dry run? What should be the HP rating?

2) Is it better than a compressor pump?

3) What are the pros and cons of submersible pump vs. compressor pump?

4)Would servicing of submersible pump be required often?

PS: Kindly let me know how I could pay for your advice.