Can I drive a three phase induction motor with this method?
The speed of an induction motor can only be controlled by changing the synchronous speed by changing the frequency of the supplied power or by changing the motor slip. The method that you have described is a means of changing the motor slip. The majority of the heat produced in an induction motor is heat produced in the rotor due to slip. The heat produced in the rotor is the slip percentage multiplied by the power transferred from the stator to the rotor. That is the reason that controlling the speed using that method has only limited use, primarily for controlling the speed of small fans.

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