There are many elements to your inquiry and determining a final solution is going to include a bit of a process of investigation and elimination of possible alternatives.
My first recommendation would be to eliminate the idea of a "centrifugal clutch" because these are in application a type of "on-off" rather than speed control device.
As to the possiblity of using a CVT, your best bet is to Goggle "industrial cvt transmission suppliers" where you will find a listing CVT manufacturers and suppliers to contact to learn about the capabilities and limitations of currently available units; and, as a part of this process your are going to have to first determine your maximum desired KW demand level in order to establish the torque and HP your drive assembly must handle. PS, this information is also necessary to determine the minimum size, ie diameter and width of your waterwheel to provide the necessary minimum torque required to provide your desired maximum KW output to your electrical system.
One thing you need to realize is that is pursuing a new type of design project there is always a lot of search and find and learning that is involved; and, today, with the broad range of possible solutions at hand, regardless of whether you are an engineer or not, the best route is to search out and contact those companies that deal in the elements that you are considering. All of these companies have individuals whose job it is to help possible clients determine if and which of their products might be applicable.