To be honest I'm not sure that you would notice that much difference between a 550w and 750w motor if you use a speed reducer too. Having said that, if the price difference isn't too great by all means get the 750w.
Speed reducers - you can get very slow speed, with gobs of torque, by varying the pulleys in the reducer, but at the expense of top speed. On one of my machines I fitted an 8" pulley in place of the handwheel, a 2'" on the motor and between them a reducer running a 1 3/4" and a 4". A bit extreme, perhaps, but I could get 1 stitch every 2 1/2 seconds! My favourite method, if possible, is to replace the handwheel with a large pulley and a small one on the motor, I find this is a fairly simple method to use.