Feed drive units have been discussed here in RCM before, and IIRC, someone modified the original circuit for a lower speed setting, but I don't recall any other changes.
Probably the simplest electronic variable speed control for a universal motor is the triac and diac ciruit. While this circuit provides varaible speed, it doesn't regulate the speed. The HF router speed control is a triac/diac circuit.
Next might be a simple SCR and PWM pulse width modulation IC, but again, no precise regulation of speed. Similar to a variable speed drill circuit in a quality drill.
As circuit complexity increases, more parameters come into play (work), and very good speed regulation becomes realized.
You should try to determine the motor's full voltage, and then the amp and/or watt load that the motor produces, to decide which circuit would be best suitable for the feed motor. Since the original controller is a SCR circuit, the motor brushes are possibly for DC (no way to assume, since it probably came from China).
Bill's suggestion of a Minarik controller is good advice since they are reliable and fairly inexpensive. One thing you can probably be sure of is that a better control circuit is going to need to be connected externally, so you'd be wise to locate a sturdy metal enclosure to protect the speed control and yourself.
There are various eBay sellers that sell small, inexpensive regulator modules, but I haven't used any of them, so I can't make a recommendation.
A couple of safety devices should be considered, in case they're not inluded with a control that you might find; a fuse to protect the circuit, and a fuse (at least) or other device to protect the drive motor. A thermal protector for the motor would provide an extra level of protection/insurance, that usually isn't provided in many motor driven devices.