With regard to slowing the motor, if it is an induction type (Rather than a brushed or brushless DC type   the answer is NO. Induction motor speeds are determined by the supply frequency and the number of poles.
If your motor runs at 1470 rpm, it sounds like a 4 pole induction motor, so your speed reduction has to me mechanical.
the obvious way is to either fit a smaller diameter pulley to the motor, or a change one on to the countershaft.
Once you have decided what is the lowest speed required for the lathe mandrel, you will know the overall reduction ratio between the motor and the Mandrel.
The arithmetic is simple.
Say, you want a minimum Mandrel speed of 250 rpm instead of the present 435 rpm.
So the overall reduction ratio is 1470 / 250 = 5.88:1 ASSUMING that the motor pulley is 2" diameter, driving a 4" pulley on the countershaft, the countershaft will revolve at 735 rpm. so the ratio between the countershaft and the Mandrel has to be 2.94:1 In which case with a 5" pulley on the Mandrel, you would need a 1.75" diameter pulley on the countershaft.
These will not be the sizes for your lathe, but shows the principle involved.
You measure the existing pulleys, and decide which would be the easiest one to obtain / make, taking into account availability of belts, and range of adjustment available.
Basically, the simple you either reduce the size of one of the driving pulleys, or increase the size of the driven pulley until you get to about the size of ratio that you require.
Bear in mind that you may have problems (belt wear / eventual breakage and range of adjustment ) if the driving pulley is too small,
The other side of the coin may be that your "wished for" driven pulley might be too large to fit inside the guards, or fouls on something.
So you might have to reiterate your choices and calculations until you reach dimensions that are practicable.
HTH
Howard
Edited By Howard Lewis on 10/01/2022 15:32:52