Until youknow the drive ratio or the rpm of the engine at present I would not offer an idea as to which is the required or best route. Yes the engine can be slowed - but will it still produce enough power to drive thegenerator ar full output? Likewise the flywheel inertia, which stores energy, will change considerably. If the engine is already overspeeding, slowing is the obvious choice. If the ratios are wrong then these may be the better area to deal with.
Regards, RAB