The problem with just slowing the motor down is that you don't get more torque like you would if you "geared" it lower.
You are correct that you can not use a speed controller on these DP
motors. What you CAN do is get a washing machine motor (free!) that
has 2 speeds and adapt that. When operating a DP at lowest speed, your
torque multiplication is such that you don't need a strong motor at all. At
high speeds, you could run into the power limits of the motor, however.
There is another type of annular cutter out there, which is designed for
thin metal. I have not seen one up close, so I do not know the differences.
Anyway, you need a pilot pin or a pilot hole and guide to make these
work. Otherwise the bit just dances all over the work.