> an a/c rectifier using 1N4007 diodes to lower the voltage keeping the "ac" voltage?
This makes no sense. Or rather: it ain't that easy to go the other way.
Also: if a fan is too-much, 20% will be too little. If you squint a bit, you can say that airflow and noise are like the *square* of voltage. 20% voltage is 4% airflow, moth-power.
Anyway: you CAN'T control AC motors with voltage. They "want" to run at line frequency. 60Hz is 3600RPM. If the motor could run this fast, it would draw zero current. The back-kick of the 3,600RPM exactly equals the forward kick of the 60CPS.
Under a fan load it is probably designed to run 3,400RPM. This 200RPM sag sucks just enough current to equal the air resistance.
If you drop the voltage enough that the motor slows down, the current RISES.
Last time I tried this I filled the attic with smoke. (It was a larger fan.)
Making lower speed AC power is possible but will need other adjustments. There's a whole field of variable-speed AC motors. It is advanced engineering.
Use a DC motor. Voltage determines speed, and there is no drastic motor-melting.
PC fans are THE cat-meow for small audio cooling. 5V wall-warts clog my GoodWill store, and will run a 12V case-fan at a big slow quiet breeze.