To offer something on a more positive note then, you really only have 3 choices (assuming it is an AC motor within the range of what the SMC-2 was capable of). Do a keyword search on some of these terms to find more posts regarding them.
1) Electronic speed control, which means a PWM VFD (which by the way IS a frequency converter). There really isn't another practical way to change frequency and voltage, both of which are necessay if you want to change the speed of the motor itself. Although several older technologies were at one time available, they are no longer widely supported and you realistically only have one technology choice left available to you now. Within that realm thee are a myriad of choices and features, but from a basic technology they are all PWM inverters. I understand that you think they might be too complicated, but believe me, if you look for a simple stipped down model with a built-in speed pot, you will not find anything else less expensive. And remember, no matter how else you do it you will still need to start and protect the AC motor.
2) Electro-Mechanical speed control, consisting of magnetic drives and eddy-current drives for the most part. These offer some possible advantages and other disadvantages over Electronic, many of which can and have been debated in this forum ad nauseum. The AC motor is run at full speed, but the clutch mechanism slips to allow the output shaft speed to vary. The main disadvantage is in additional losses in the power system that translate to increase operating cost. still, if you do not use it often enough to make that an issue, they might be a good choice.
3) Strictly mechanical VSDs such as a VariDrive, which use variable pulleys to change the speed mechanically. Again the motor runs at full speed and the mechanical system changes speed by changing the sheave ratio. Although this system is highly inefficient compared to the others, it does have the benefit of being able to provide mechanical advantage by virtue of the sheave (gear) ratio multiplication of torque.
"Venditori de oleum-vipera non vigere excordis populi"