Well, I'll be the first to admit that I'm not expert on the electronics/electrical aspect of things. I know just enough to be dangerous. Here is a link to the device I'm talking about ...
http://www.harborfreight.com/cpi/ctaf/Displayitem.taf?itemnumber=43060 Please don't laugh TOO hard
. The funny thing is.. this little doodad actually works pretty good.
The real solution would be installing a 3 phase spindle motor, getting an AC inverter drive and controlling it through the device that Brian suggested. Unfortuneately, it's a heck of a lot more expensive AND I'm not really sure how to adapt a collet (bit holder) to a standard motor shaft. There is probably some kind of couple out there that will do it. All of that just sounds like a ton of work when you are already set up with a 115VAC router. It's like going backwards 3 steps to get ahead 4.
Doesn't anybody manufacture/sell a compact 3 phase router complete with Collet?