a couple of things to look at that kinda jumped out at me..
first, i think that motor will not like to be varied in its speed, it probably has a speed sensing mech in it that controlls the start cap, and slowing it down may cause issues..
secondly, that speed controller is just like what harbor freight sells as a router speed controll. i have a couple of these and for things like fans and non power critical applications there ok, but for something where the load will be changing while your drive or controll setting stays the same, i think you will find that your motor will lack much real power when you turn it down...
just a couple thoughts...
Grizzly X3, CNC Fusion Ballscrew kit, 3 500oz-in bipolar steppers, 3 203v Gecko's, Linear power supply from Hubbard CNC, Mach 3, BOBcad Pro Art V22, Rhino.