Hi Lykle,
CL is the current limit adjustment, if set too low it could reduce the motor torque, set too high it could cook the motor... If you fiddle with it, put an ammeter in one of the motor leads, reckon about 4.5 Amps per HP on 220/240v, 9 Amps on 110/120. EDIT - AT FULL LOAD - 1 hp load is about a cubic inch per minute of hot-rolled steel with HSS cutters and flood coolant, figure a 1/2" endmill, 180 rpm, 1/16" depth of cut at 32"/min feed, cutting a slot...
The 'horsepower resistor' (tan block on the daughter-board) should be marked with two values, the higher is for 220/240 volt supplies (180 to the motor), t'other for 110-120 (90 to the motor) - check the marked value!
IR is the IR compensation adjustment, which allows for the *resistive* losses in the armature at low rpm where that increases relative to the motor's back-emf (the 'generator' voltage from the coil cutting the magnetic field, proportional to rpm) to maintain torque at low rpm... There's a sweet spot, too far one way and the motor stalls under load at low rpm (Aha!), too far the other and the motor starts cogging (moving in jerks at low rpm rather than smoothly)
If you feel confident and competent to have a twiddle, bear in mind that the KB boards aren't isolated from mains, so keep your fingers clear and your other hand in your pocket...
If the belt-drive doesn't give as much speed reduction / torque multiplication, you may be limited by the change in gear ratio, as others have pointed out...
Just my ha'pennorth,
Dave H. (the other one)