From your description you have either a 21 or 22 cut front wheel drive. If so, the drive system is belt driven to a single speed transmission. Depending on the specific model to move the transmission from neutral to engage it either adds belt tension or has constant tension and a fork inside the transmission engages the gears. On either one, you need to find a way to have the belt "slip" to slow the ground speed. If successful, you may need a new belt to go back to normal speed is the slippage causes the belt to heat up and either glaze over or break.
As far as the engine speed, there is a rpm power and cooling band the engine needs to stay in to sufficiently cool and lube engine. That band is usually between 3000 and 3600 rpm's.
Craftsman primary engine for walk and self propelled were Tecumseh, but they have been known to use Briggs and Honda. Go to www.sears.com and you will see a place to look up parts by typing in model number. The number will usually start 917.xxxxxx since AYP has been the primary vendor for many years. It may start, 502.xxxxxx, 536.xxxxxx or a different 3 digit prefix if they used a different vendor.
As far as the cable, just get a universal throttle cable Rotary # 6658 and a throttle plate cable clamp Rotary # 249 or #250.