2" equals 50mm (actually 50.8mm) so is considered the same size.
With your Consew, you are not sewing 3/4" of leather, so don't need the higher wattage/horsepower. Depending how slow you want to go, you still might want a speed reducer pulley set. But why not test the setup with your servo first and see how it behaves before spending the extra on the speed reducer?
Tom