What type of motor does it have? Nah, it would not work well.
Nevermind that speed controller is pretty junky, mine didn't last before a blown triac and potentiometer, and I had to mod it for reasonable 120VAC operation as discussed
here.I did some repairs and schematics on Elna sewing machine controllers. Those are a brushed DC motor with back-EMF monitoring so they are controlling for near constant speed despite required torque varying. An SCR and bridge rectifier are used in the pedal.
So that 4,000W eBay special would be awful to control speed with and might not even be compatible with your motor.
A better controller is used on power tools, where you want constant speed regardless of load, like discussed
here.Those controllers are more sophisticated and use an IC.