Well, yes and no.
In general if the motor was not designed for variable speed, it's not going to last long with any kind of controler.
An AC motor speed is more dependent on the frequency ( 60 Hz ) than the voltage (notice that the dual voltage ones run the same speed on both voltages) An "SCR" controler will work but one for a 1/2 hp motor or larger won't be cheap. You can slow one down some with a Variac but It will run hot.
If you feel you must have that much control over the speed, the best (and most reliable) soloution is to buy a new motor and controller setup made for variable speed. Either AC or DC. the electronic control unit uses a low volt/power reference circuit that may be adaptable to a foot control.
Please, don't post saying you can use a "potentiometer" This is a misuse of the term, A potentiometer is a variable resistor (a reostat is a heavy duty potentiometer). One big enough to control a 1/2 hp or larger motor will be big, expensive and could heat your shop. By itself it can only vary voltage and again, if it wasn't made for variable speed, the motor is in jepordy. Those who have had a good experience with jury rigged setups have just been plain lucky.