Of course you can do less sophisticated things but they colossally suck because anything else than VFD is based on the increase of motor slip, and the higher the motor efficiency under normal conditions, the worse it gets under low-speed conditions. So "less sophisticated" stuff is normally done on very small motors which are inefficient anyway, and usually something with mechanical load profile where the power needed reduces in second exponent when speed drops, e.g. fans, so that if your full speed condition is 100W(mechanical) with 60% efficiency, half-speed 25W(mechanical) with 30% efficiency is not a problem.
But once the motor speed falls below breakdown torque, not only efficiency plummets but the maximum torque that can be generated is significantly less than at rated speed, so with many types of mechanical loads, the motor just stalls to stop and starts to overheat. Small motors are designed to offer relatively better torque at low speeds, sacrificing efficiency.
For a 5hp, 3-phase motor you need an actual VFD, so don't waste your time any further thinking about anything else. Indeed AC induction motor control is non-trivial so unless you are going to spend years to learn everything needed to build one from scratch, just get an off the shelf unit, they are not expensive.