Right Clegg,
Now that we have got all the ideas out of the way, whether they be simple or complicated, all are going to cost either in time to make or commercial purchase costs more than the cost of a good speed controller.
If you are just out for a good efficient system that will allow you to run for about four to five hours from a reasonable sized battery, forget about the commercial motors that are available. People seem to think that these are the only ones available and like blind sheep they buy them from the local model shop thinking these are the only ones available and then complain when they get only an hours running from an 8AH battery with their tug or warship etc running round like a fast electric.
You should be looking at more efficient motors, and these aren't expensive, a lot of the time they can be free. I have used 850 size motors that can turn a 4" scale prop with direct drive and pull less than 500MA on full load, that will give me 6 hours running at full load from a 12volt 3AH gel cell. on a very large model. Almost all the motors I use are 24volt running on 12volt, and for years our club has been using motors like this, and they all sail for a full session, or a few sessions on one charge of a small gel cell, and no one has ever complained about not being able to sail at scale speed or above.
So look at your motor in the first instance, is it efficient.
John