0.5 hp is a very small motor, check the info plate, it may be able to run in star as well as delta, this would reduce the speed somewhat. Otherwise a VFD would be the answer, it would maintain full flux saturation even at lower speeds so the torque should be close to the maximum. Problem is that a VFD will probably cost 2 or 3 times the price of the motor so maybe look at a 6 pole replacement if the existing motor is 4 pole.
As for where you can get one, there's no shortage of suppliers, even your local electrical wholesaler should be able to supply VFD's.
*edit*, another option might be to reduce the pulley wheel size on the motor if it's belt driven, or increase the pulley size on the driven end.