James (JSkeen) gave some good information. I guess I have been very fortunate. Variacs are intended to deliver a precise voltage and are variable in order to set the voltage needed at a specific point and leave it there - NOT use as a speed changer.
Below are two comments on the Variac. When the engineer recommended to me to use a Variac some months ago as a speed controler, he was referring to 1. dropping the voltage from 120 to 100 as a steady output or 2. with a universal motor if I didn't want to fool with a VS switch on the universal motor. Anyway, here are the quotes, which say basically the same as James did in the above post.
1. Variacs work on the principle of reducing operating voltage, basically starving the motor for power. This is not an ideal way of slowing down a motor, even one designed for the purpose. Lower voltage without a corresponding increase in current results in lower power (less work).
Variable-frequency technology instead uses power in differing frequencies to affect changes in motor speed, simply by changing the rate at which the various fields in the motor transfer force from one to the other. Much more efficient, on several levels.
2. A Variac is Not the suitable way for slowing an induction motor. The Induction motor is basically a synchronous machine with slip - it will try and stay synchronous with the power line frequency and thus will resist slowing unless loaded nd will rapidly lose torque when slipping in speed.
A Variac is a variable autotransformer and has a variable output voltage constant frequency output. When used with a indction motor, it will appear to slow the motor as you reduce the voltage but you will find it has no torque. At some point it can become possibly dangerous to the motor since it will try and make up for the loss of torque by drawing more current. This proble is offest byt the lower voltage. Still its a combination I would not recommend.
Variacs will work well on Universal motors, but router speed controls are usually smaller, lighter and cheaper.
AC induction motor speed controls are usually implemented as variable frequency AC drives. Basically a AC to DC power supply, connected to a DC to AC power supply (like an inverter) except with a knob for varying the line frequency output.
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Red emphasis above is mine (Hank Lee). I don't think the Jet has a universal motor.