My experience with such controls for controlling a lathe, drill press, mill, shaper, etc. has always ended with dissatisfaction.
Today, I use one of two approaches (assuming there is not a mechanical variable speed drive):
1) Switch to 3-phase and VFD; or
2) Switch to DC and PWM.
I have never regretted making the change; although, getting it done takes a bit of effort and money. The latter has come down quite a bit from when I first did it years ago.