Yes, what you say sounds like the situation that is happening.
I am worried about changing the sizes of the pulleys to change the ratio of the wheel head, because that would still result in a wheelhead that spins at a fixed speed - albeit a bit slower. Furthermore, I am not sure I could fit a larger ratio into the wheel I have (See photos attached on my other comment). The current method of controlling the speed is by loosening or tightening the belts - so at the "slowest" setting the belt slips more. But I find this method ineffective.
I will look into the frequency inverter, since I think that could give me a bit more control.
Thank you for the suggestions!