If you take a look at how reversal image tones are created:
- the toe region (i.e. the region with the weakest exposure which holds shadow detail) will keep lots of Silver Bromide/Iodide after bleach and will therefore become the darkest region of your slide
- the shoulder region (i.e. the strongly exposed parts) will keep very little Silver Bromide/Iodide after bleach and therefore turn into your highlight region
If you weaken FD development, either by making FD less active, or by shortening FD time, you will move the toe region towards stronger exposures and the shoulder region towards much stronger exposures. As a result you need to expose more to get visible shadow detail, and contrast goes down, i.e. much higher exposure is necessary for clear highlights.
If you weaken SD development, you may clear some highlights which had some density before, and you will lose lots of density in shadow region. While this is certainly a way towards reducing contrast, this is not necessarily going to give you nice slides. Typically people want the full tonal range in images. Adding acid (any acid will work, you don't have to use Sulfuric Acid) to SD is one of the many ways to reduce SD activity.
For these reasons most people would adjust contrast by changing FD, but it depends entirely on your intended result which path you chose.