One of the popular modifications for this on the Yahoo sites is a jackshaft arrangement by Ralph Patterson. There are photographs and drawings here: http://www.toolsandmods.com/library/ralph_patterson_speed_reducer_1.pdf
In a nutshell the motor is replaced by a jackshaft and another set of the original pulleys (and belt) are used to do another speed reduction. According to those who have done it, it works well. I bought another belt and pair of pulleys 3 or 4 years ago, but havent got around to building the rest of the bits. I never use the high range on my minilathe, so I think its a viable solution.
Another thought is that there have been posts on here about increasing torque on the Sieg mini-mills by substituting a KB motor controller. I assume that that controller would have a similar effect on the lathe as well?

but while you are on that website... Another very useful mod that Ralph Patterson has drawn is the "Fine Feed Modification" which is a modification to the leadscrew gear banjo to allow another pair of gears to drive the leadscrew. Using another pair of 20/80 gears in the train will give a leadscrew ratio of 1024:1 as opposed to the standard fine feed of 256:1. With a nice sharp tool and the fine feed engaged I have managed some beautiful finishes with this set-up.