An air line is nice to measure the water level. But you can still measure it if you want to solve this problem. You would need a tee with a 200# pressure gauge just before a ball valve on the discharge of the well head. With the pump up and running, close the ball valve long enough to get a pressure reading on the gauge. Do not keep the ball valve closed for more than 1 minute, or the pump will get hot. Looking at the curve for a 1.5HP, 5GPM fps it shows a shut off head of 900' or 389 PSI. With the ball valve closed, the pressure gauge will show the actual water level. If the gauge reads 175 PSI (405'), then the pump is able to lift another 405'. 900 minus 405 means your water level is at 495' from the surface. If the water level is deeper than 495', that pump will only be able to build 175 PSI at the surface, which is not too much pressure for a CSV1A to handle.
Adding a CSV1A in place of the above ground check valve would do several beneficial things. Most importantly for you it will reduce the flow from the pump to 1 GPM while filling the tank. When filling the pressure tank at 1 GPM instead of 5-8 GPM, the check valve(s) will only be open the thickness of a piece of paper when the pump shuts off. This will eliminate the water hammer that happens when the pump shuts off while pumping 5-8 GPM and the check valve(s) slam shut from the wide open position causing the water hammer.
If your water level is higher than 495' and your pump can build more than 175 PSI at the surface, you just need two of the CSV1A valves to stair step the pressure down. In these high pressure applications, we set the first CSV at 150 PSI. That way the second CSV1A only sees 150 PSI on the inlet side and has no problem reducing the pressure to 50 PSI as needed at the tank.
Either way using a CSV1A to reduce the flow rate to 1 GPM before the pump shuts off will eliminate the water hammer "bang" you are hearing and feeling.