An induction motor will always run at a speed synchronised to the supply frequency. Actually it will slip a little, according to load, but if it gets much slower it will stall (and then burn out unless switched off pronto). As Steve said, if this is just a thyristor contoller which reduces the average power supplied by truncating the AC waveform by varying amounts, then it will not alter the speed of this type of motor, though it is likely to make it stall more easily under load as the power is reduced.
It is possible to vary the speed of a single-phase induction motor, but only by feeding it with a variable-frequency AC source. Controllers of this type can be bought, but not at that price. I am no expert, but I would hesitate to recommend them for use in machine tools, as the speed regulation under load is not too good, and the motor might be sluggish to start if the speed setting is high. A 3-phase motor and VFD is by miles the best way to go to get variable motor speed.
David